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Davos company performed services on accounts for $160,000.00 in 2016. Davos collected $120,000.00 cash from accounts recieveable during 2016, and remaing $40,000.00 was colleceted in cash during 2017.
Ledger Accounts
Name
Institution
Course
Date
Journal to record services done on account
Dr. Account receivable 160000
Cr. Service revenue 160000
The T- account will be
a)
dr. account receivable cr.
service revenue 160000 cash 120000
bal c/d 40000
160000 160000
bal b/d 40000
dr. cash a/c cr.
account receivable 120000 bal. c.d 120000
120000 120000
bal b/d 120000
dr. service revenue cr.
bal c/d 160000 Accounts receivable 160000
160000 160000
bal b/d 160000
Cash =120000+40000= retained earning =160000. Revenue =160000-0 =net income =160000
c) the amount of revenue to be reported by Davos is 160000
d) cash flow from operating activities ...
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