Selected transactions for Cullumber Company are presented below in journal form (without explanations). DateAccount Title DebitCredit
May 5Accounts Receivable 4,750
Service Revenue 4,750
12 Cash 1,200
Accounts Receivable 1,200
15 Cash 2,260
Service Revenue 2,260
Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the question.)

Answer and Explanation:

The posting of the given transactions to T accounts are presented below:

Cash account

May 12 Account receivable $1,200

May 15  Service revenue $2,260

Account receivable

May 5 Service revenue $4,750    May 12  Cash $1,200

Service revenue

                                                         May 15 Account receivable $2,260

                                                           May 5  Servcie revenue $4,750

explanation:

the contractual interest rate is the interest the borrower must pay and the interest the lender receives, or more simply, it is the interest rate stated on a bond whereas the market interest rate is “the investors demand for loaning funds”. therefore, bonds can either be sold at a premium, face value, or discount.

was my answer wrong?