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Provided educational services, $125, to K.Thorne in exchange for educational supplies
Asked Jun 17, 2010, 03:38 PM
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1 Answer On the general ledger "provided educational services, $125, to K.Thorne in exchange for educational supplies" does this go under fees earned or accts receivable? Debit or credit? |
1 Answer
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| The services goes under services as a credit, since that's revenue. For services you render, you get an asset in exchange, always. Commonly you get cash outright, or you get accounts receivable, which is a promise to pay you in the future. This person is not promising to pay you in the future. You got an asset in exchange this time as well: educational supplies. An asset is an asset. They all get treated the same. | ||||
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