Exercise 2-5 Analyzing effects of a compound entry LO A1 Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment. A) Analyze the transaction using the accounting equation.
Assets = Liabilities + Equity
Cash Equipment Note Payable Revenue
10,000 80,000 28,000 62,000
B) Record the transaction in journal entry form.
No Date General Journal Debit Credit
1 May 15 Cash 10,000
Equipment 80,000
Note payable 28,000
C) Post the entry using T-accounts to represent ledger accounts.
Cash 101 Note Payable
28000 10,000
Equipment 167 Revenue 404
80,000 62,000

A. Account Equation analyzation

Assets =  Liabilities + Equity

Cash + Equipment = Note payable + Revenue

$10,000 + $80,000 = $28,000 + $62,000

B. Journal Entry

DR Cash........................................................... $10,000  

DR Equipment.................................................$80,000  

CR Note payable..............................................................$28,000

CR Service revenue ........................................................$62,000

C. Find attached.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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