 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
General Journal entry
Hopefully this is a real simple question. At the end of each month, I would debit the client's account as accounts payable for cleaning services I have already performed but not sure what I would credit. I don't think I would credit the sales account because I did not really sell anything, I have performed the service and just waiting on the payment.
Jeff |
||||
|
||||
|
From the sounds of it, your “accounts payable for cleaning services” is some sort of accounts receivable.
Therefore, your JE would be: Dr. Accounts Receivable (or in your case, you call the account: accounts payable for cleaning services) Cr. Revenue While you haven't sold them a tangible product, that is not the product you sold them. You sold them a service. You have preformed the service, therefore you are entitled to your money. Therefore, the money they give you is some sort of Revenue. Perhaps you can call it Revenue for Cleaning Services. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
When transferring from the General Journal to the General Ledger which cash items do you transfer .:confused:
What all goes in to the general journal?
If you have a general journal entry that is an infusion of capital of say 10,000 cash, I would debit cash and credit capital for the amount. However, when you post the entries, where do those balances go? What happens to the general journal entries? Do they stay for the entire fiscal year or are...
I have an ethical issue case I'm working on, but am stuck. I would like to know how would I determine which journal to use say for example, you go on a business trip to Australia and take your spouse along at company expense. Well that is unethical for sure, but you are best friends with the vice...
View more questions Search
|
