Response to the following problem:
Lance Alworth performed legal service for a client who could not pay immediately. Alworth expected to collect the $6,000 the following month. Later, he received $3,500 cash from the client.
1. Record the two transactions for Lance Alworth, Attorney. Include an explanation for each transaction.
2. Open these accounts: Cash; Accounts Receivable; Service Revenue. Post to all three accounts. Compute each account's balance, and denote as Bal.