the following transactions occurred for ward technology solutions:
view the transactions. view the journal entries.
read the requirement. (compute the new balance for each account after posting the transaction.)

may 17: performed services for customers on account, $3,300. post to the four-column accounts in this step. in the next step, complete the

accounts receivable account # 120
balance
date posting reference debit credit debit credit
may 17

service revenue account # 410
balance
date posting reference debit credit debit credit
may 6 j10 2,100 2,100
may 17

Question

the following transactions occurred for ward technology solutions:
view the transactions. view the journal entries.
read the requirement. (compute the new balance for each account after posting the transaction.)

may 17: performed services for customers on account, $3,300. post to the four-column accounts in this step. in the next step, complete the

accounts receivable account # 120
balance
date posting reference debit credit debit credit
may 17

service revenue account # 410
balance
date posting reference debit credit debit credit
may 6 j10 2,100 2,100
may 17

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "blank_filling_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [ "General Ledger Posting", "Four-Column Account", "Service Revenue Transaction", "Posting Reference", "Journal Posting" ], "new_concepts": [], "current_concepts": [ "General Ledger Posting", "Four-Column Account", "Service Revenue Transaction", "Posting Reference", "Journal Posting" ] } ## Identify the transaction details and journal entry $$ \begin{aligned} &\text{Transaction Date: May 17} \ &\text{Transaction: Performed services for customers on account, } \$3,300 \ &\text{Journal Entry:} \ &\quad \text{Debit: Accounts Receivable (Account \#120) } \$3,300 \ &\quad \text{Credit: Service Revenue (Account \#410) } \$3,300 \ &\text{Posting Reference (Journal Page): J10} \end{aligned} $$ ## Post to Accounts Receivable (Account #120) $$ \begin{aligned} &\text{Date: May 17} \ &\text{Posting Reference: J10} \ &\text{Debit: } 3,300 \ &\text{Credit: [Leave Blank]} \ &\text{Balance Debit: } 3,300 \ &\text{Balance Credit: [Leave Blank]} \end{aligned} $$ ## Post to Service Revenue (Account #410) $$ \begin{aligned} &\text{Previous Balance (May 6): } \$2,100 \text{ (Credit)} \ &\text{Date: May 17} \ &\text{Posting Reference: J10} \ &\text{Debit: [Leave Blank]} \ &\text{Credit: } 3,300 \ &\text{New Balance Credit: } 2,100 + 3,300 = 5,400 \ &\text{New Balance Debit: [Leave Blank]} \end{aligned} $$ **Accounts Receivable (Account #120)** | Date | Posting Reference | Debit | Credit | Balance Debit | Balance Credit | | :--- | :---: | :---: | :---: | :---: | :---: | | May 17 | J10 | 3,300 | | 3,300 | | **Service Revenue (Account #410)** | Date | Posting Reference | Debit | Credit | Balance Debit | Balance Credit | | :--- | :---: | :---: | :---: | :---: | :---: | | May 6 | J10 | | 2,100 | | 2,100 | | May 17 | J10 | | 3,300 | | 5,400 | { "subject": "Business", "question_type": "Fill-in-the-blank", "knowledge_point": [ "Business", "Accounting", "General Ledger Posting" ] }

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QUESTION IMAGE

Question

Explanation:

Identify the transaction details and journal entry

Post to Accounts Receivable (Account #120)

Post to Service Revenue (Account #410)

Answer: