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Completed a work for a client and immidiately collected $20,000 cash. How do I record this

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David Roberts is a real estate appraiser. Shown below are (a)several accounts in his ledger with each account preceded by anidentification number, and (b) several transactions completed byRoberts. Indicate the accounts debited and credited when recordingeach transaction by placing the proper account identificationnumbers to the right of each transaction.

‎1) AccountsPayable
2) Accounts Receivable
3) Appraisal Fees Earned
4) Cash
5) Insurance Expense
...6) Office equipment
7) Office Supplies
8) Office suppliies expense
9) Prepaid insurance
10) Salaries Expense
12) unearned appraisal fees
13) David Roberts, Capital
14) David Roberts Withdrawals



Example:
Completed an appraisal for a client who
promised to pay at a later date.
A. Received cash in advance for appraising an
office building.
B. Purchased office supplies on credit.
C. David Roberts used cash from the business to pay
his home telephone bill. There were no business
calls on the bill.
D. Received the telephone bill of the business and
immediately paid it.
E. Paid the salary of the office assistant.
F. Paid for the supplies purchased
in transaction B.
G. Completed an appraisal for a client and
immediately collected cash for the work done.



Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.

a.Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company.

b.The company purchased an office suite for $40,000 cash.

c.The company purchased office equipment for $15,000 cash.

d.The company purchased $1,200 of office supplies and $1,700 of office equipment on credit.

e.The company paid a local newspaper $500 cash for printing an announcement of the office’s opening.

f.The company completed a financial plan for a client and billed that client $2,800 for the service.

g.The company designed a financial plan for another client and immediately collected a $4,000 cash fee.

h.Lita Lopez withdrew $3,275 cash from the company for personal use.

i.The company received $1,800 cash as partial payment from the client described in transaction f.

j.The company made a partial payment of $700 cash on the equipment purchased in transaction d.

k.The company paid $1,800 cash for the office secretary’s wages for this period.

.Create the following table . Assets=Liabilities+EquityCash+Accounts Receivable+Office Supplies+Office Equipment+Office Suite=Accounts Payable+L. Lopez, Capital–L. Lopez, Withdrawals+Revenues–Expenses

Use additions and subtractions within the table to show the dollar effects of each transaction on individual items of the accounting equation. Show new balances after each transaction.

Check (1) Ending balances: Cash, $14,525; Expenses, $2,300; Accounts Payable, $2,200 2.Determine the company’s net income.

The following information describes the company’s sales for the year:

a. A sale for $100,000 was made on March 23. As of the end of the year, all of the work associated with the sale has been completed. Unfortunately, the customer is a significant credit risk and the collection of the cash for the sale is very uncertain. No cash has been collected as of the end of the year.

b. A sale for $130,000 was made on July 12. The $130,000 cash for the sale was collected in full on July 12. The work associated with the sale has not yet begun, but is expected to be completed early next year.

c. A sale for $170,000 was made on November 17. No cash has been collected as of the end of the year, but all of the cash is expected to be collected early next year. As of the end of the year, all of the work associated with the sale has been completed.

How much revenue should be recognized for the year?

$170,000

$0

$400,000

$230,000

$270,000

$300,000

$130,000

$100,000

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