Ask Experts Questions for FREE Help !
Ask
    svstudent's Avatar
    svstudent Posts: 6, Reputation: 1
    New Member
     
    #1

    Oct 16, 2007, 08:37 AM
    General journal entries
    Sr. Citizens recievables represents visits made by hair inc to area sr citizens centers after giving giving haircuts one day hair inc bills sr center $2500

    For the general journal entry do I

    Debit cash 2500
    And credit sr center recievables 2500
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
    Full Member
     
    #2

    Feb 2, 2008, 10:18 AM
    No. You entry records the process of getting paid therefore you debited cash (increase) and credited receivable (decrease), I guess the answer for this question should record the occurrence of the service event. Dr. Receivable, Cr. Revenue, assuming collection of cash is reasonably assured.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Transferring from General Journal to the General Ledger [ 1 Answers ]

When transferring from the General Journal to the General Ledger which cash items do you transfer .:confused:

General Journal Entries [ 1 Answers ]

How do I make a general journal entry for expenses the owner has paid out of his pocket? This is a new business and beginning capital came from an invoice to a customer and not the owner.

General JOUrnal entries [ 1 Answers ]

What do I debt and credit on a general journal entry for this problem Cash revenues received for various services were mens haircuts 3,200 women's 4,800 perms 980 and senior citizens 680? Please help!

General Journal Entries [ 1 Answers ]

Hair Inc purchased a car for employees to use when driving to off site haircuts. Record as hair equipment. Cost of the car is $21,000, $10,000 is paid in cash and the reminder is financed with a 3 yr 8% note payable the principle amount being paid in full December 1 2009 interest is paid annually...


View more questions Search