Perform the following accounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2018.
Requirements 1 and 2.
T-accounts have been set up for Cash, Accounts Receivable, and Service Revenue. Start with the beginning balances as follows: Cash $28,000; Accounts Receivable $103,000; and Service Revenue, $0. Post the following 2018 transactions to the T-accounts:
a. Service revenue of $705,000, all on account