Bill's law firm perfomed legal services for a client who could not pay immediately. The business expect to collect $11000 the following month. Later the business received $6600 cash from client.
1. Record the two transaction for Bill Law firm. include an explanation for each transaction.
2. Opent these T-accounts: cash, Accounts receivable, service revenue. Post to all three account. compute each T-account balance and denot as Bal.
3. Answer these question based on your analysis:
a. How much did the business earn? which amount shows this amount?
b. How much in total assets did the business acquire as a result of the two transaction? Identify each asset and show it balance.