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    candib346's Avatar
    candib346 Posts: 1, Reputation: 1
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    #1

    Jan 4, 2008, 07:22 AM
    Assets=Liabilities+Stockholders' Equity
    In what category would the following go under

    Received $12,000 cash from customers for contract billed in April
    tlarocca's Avatar
    tlarocca Posts: 17, Reputation: 1
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    #2

    Jan 4, 2008, 10:30 AM
    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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