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martkm
Jun 18, 2009, 12:14 AM
My client paid management services 80K fir 6-months services in advance. How we record this transaction in general journal entry?

should I record 'debit to fees for $80K
or
debit to management fees earned for $80K
or Credit to Unearned Management Fees for 80K
or
Credit to Management Fees earned for 80K

I am thinking Credit to unearned management fess for 80K. what you think
pready
Jun 18, 2009, 11:48 AM
Debit Cash for the amount received
Credit Unearned Revenue (Liability Account) for the amount received