Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. suppose your company sells services of $190 in exc

Suppose your company sells services of $190 in exchange for $140 cash and $50 on...

60.1K

Verified Solution

Question

Accounting

Suppose your company sells services of $190 in exchange for $140 cash and $50 on account. Depreciation of $70 relating to equipment also is recorded.

Required:

1. Prepare the journal entries to record these transactions.

Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

(A) Record the service revenue of $140 cash and $50 on account.

(B) Record the depreciation expense of $70.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Which of the following would be considered an example of genetic modification A monitoring the...

Physics
1.2K views

GO0029 0 When a ray of light enters a medium of refractive index it is...

Physics
1.2K views

Q A simple pendulum with a bob of mass m oscillates from A to C...

Basic Math
1.2K views

Spinelli/NinanEXTRA CREDITdue wed!1.What is the equation of a line passing through the point (5, -3)...

Basic Math
1.2K views

For the real-valued functions g(x)=x+3 and h(x)=x-4, find the composition goh and specify its domain...

Algebra
1.2K views

Which graph below has an EULER CIRCUIT E L E

Accounting
1.2K views

Cane Company manufactures two products called Alpha and Beta that sell for $210 and $172,...

Accounting
1.2K views

3. Prepare a balance sheet as of the end of zor2. 2. Prepare a statement...

Accounting
1.2K views

urgently needed!! Swifty Corporation follows IFRS. Prior to 2022 , the accounting income and...

Finance
1.2K views

1. As a sales professional in a telecommunications company, Ali's performance is reviewed and evaluated...

Finance
1.2K views

What is the popular definition of culture? Where does culture come from?

Finance
1.2K views

Suppose that the euro-U.S. dollar exchange rate is $ I .2000/ today. If the spot...