Quote:
| Originally Posted by candib346 In what category would the following go under
Received $12,000 cash from customers for contract billed in April |
Assuming you billed customer "ABC" in April 2007 for total contract amount of, say $50,000.
Your entry in April should have been:
Dr. Accounts Receivable - (Customer ABC) $50,000
Cr. Contract Revenue $50,000
To record completed contract with Customer ABC
Your Current Entry should be:
Dr. Cash $12,000
Cr. Accounts Receivable - (Customer ABC) $12,000
Hope this helps!
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