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Suppose your company sells services of $190 in exchange for $140 cash and $50 on...

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Accounting

Suppose your company sells services of $190 in exchange for $140 cash and $50 on account. Depreciation of $70 relating to equipment also is recorded.

Required:

1. Prepare the journal entries to record these transactions.

Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

(A) Record the service revenue of $140 cash and $50 on account.

(B) Record the depreciation expense of $70.

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