15. Selected transactions from the journal of Faroq Traders are presented below.DebitDateAccount titleREFCreditJune 1Cash10,000Farooq, Capital10,0008Cash4,000Service Revenue4,00010Account Receivable6,000Service Revenue6,00016Cash2,000Account Receivable2,000Instructions:a. Post the Transactions to T-Accountb. Prepare a Trial BalanceEND of the EXAM

Cash Account Date Particulars Dr. Amount Date Particulars Cr. Amount 01-Jun To Farooq Capital…

Answered: a. Post the Transactions to T-Account…

Business

Accounting

a. Post the Transactions to T-Account b. Prepare a Trial Balance

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 7SEB: JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

15. Selected transactions from the journal of Faroq Traders are presented below.
Debit
Date
Account title
REF
Credit
June 1
Cash
10,000
Farooq, Capital
10,000
8
Cash
4,000
Service Revenue
4,000
10
Account Receivable
6,000
Service Revenue
6,000
16
Cash
2,000
Account Receivable
2,000
Instructions:
a. Post the Transactions to T-Account
b. Prepare a Trial Balance
END of the EXAM

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