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    talmich2003's Avatar
    talmich2003 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 14, 2006, 06:42 PM
    I Need Help Journalizing These Entries
    I need help journalizing these two entries:
    If you can help, please let me know

    MAY 1 2006
    23. Served as a disc jockey for a party for $1,560. Received $400, with the remainder due on June 4, 2006.



    30. Served as a disc jockey for a charity ball for $1200. Received $600, with the remainder due on June 9, 2006.

    Please help me journalize these two entries as soon as possible! THANKS! :confused:
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Sep 14, 2006, 07:09 PM
    Quote Originally Posted by talmich2003
    MAY 1 2006
    23. Served as a disc jockey for a party for $1,560. Received $400, with the remainder due on June 4, 2006.
    Dr. Cash 400
    Dr. Accounts Receivable 1,160
    Cr. Revenue 1,560

    Dr. Cash of 400 because you received 400 of actual cash. Credit Revenue of 1,560 because that is the total amount of money that you will be getting for this job that you did. The rest, which you have yet to received buy you will, is accounts receivable (1,560-400) which is 1,160


    Quote Originally Posted by talmich2003
    MAY 1 2006
    30. Served as a disc jockey for a charity ball for $1200. Received $600, with the remainder due on June 9, 2006.
    Dr. Cash 600
    Dr. Accounts Receivable 600
    Cr. Revenue 1,200

    Same reason as above.
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