Question

question assets
account titles transactions
mar. 11. sold services on account to johannes enckson, $125.00
13 received cash from sales, $260.00
14 paid cash for telephone bill, $54.00
16 received cash on account from johannes erickson, $125.00
19 paid cash to owner for a withdrawal of equity, $200.00

jensen cleaning service uses the listed accounts. 1. prepare two t accounts for each transaction. on each t account, select the account title of one of the accounts affected by the transaction. 2. enter the debit or credit amount in each t account to show the transactions effect.

mar. 11
accounts payable-johannes erickson
accounts receivable-johannes erickson
cash
supplies

Explanation:

Step1: Analyze Mar.11 transaction

Sold services on account: Debit Accounts Receivable-Johannes Erickson, Credit Service Revenue.

• Accounts Receivable-Johannes Erickson

Debit: $\$125.00$

• Service Revenue

Credit: $\$125.00$

Step2: Analyze Mar.13 transaction

Received cash from sales: Debit Cash, Credit Sales.

• Cash

Debit: $\$260.00$

• Sales

Credit: $\$260.00$

Step3: Analyze Mar.14 transaction

Paid telephone bill: Debit Utilities Expense, Credit Cash.

• Utilities Expense

Debit: $\$54.00$

• Cash

Credit: $\$54.00$

Step4: Analyze Mar.16 transaction

Received cash on account: Debit Cash, Credit Accounts Receivable-Johannes Erickson.

• Cash

Debit: $\$125.00$

• Accounts Receivable-Johannes Erickson

Credit: $\$125.00$

Step5: Analyze Mar.19 transaction

Owner withdrawal: Debit Owner's Withdrawal, Credit Cash.

• Owner's Withdrawal

Debit: $\$200.00$

• Cash

Credit: $\$200.00$

Answer:

T-Accounts by Transaction:

1. Mar. 11

• Accounts Receivable-Johannes Erickson

Debit	Credit

• Service Revenue

Debit	Credit

1. Mar. 13

• Cash

Debit	Credit

• Sales

Debit	Credit

1. Mar. 14

• Utilities Expense

Debit	Credit

• Cash

Debit	Credit

1. Mar. 16

• Cash

Debit	Credit

• Accounts Receivable-Johannes Erickson

Debit	Credit

1. Mar. 19

• Owner's Withdrawal

Debit	Credit

• Cash

Debit	Credit

For the Mar. 11 dropdown selection:

The correct account to select is Accounts Receivable-Johannes Erickson