Ask Experts Questions for FREE Help !
Ask
    ayoka's Avatar
    ayoka Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Feb 21, 2007, 09:44 AM
    Job Cost Accounting Journal entry
    I am trying to fiquire out how to journalize an entry. Here is the scenario:
    1) Purchase Materials for a job $1000

    And the second scenario:
    1) Received downpayment from a client for $4000 for a job

    Both entries were captured in another quickbooks account and need to be brought over to the correct account.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Feb 21, 2007, 03:44 PM
    Dr. Purchases 1,000
    Cr. Cash 1,000

    Dr. Cash (for the down payment amount)
    Cr. Unearned Revenue (for the same amount)
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!

Journal entry [ 1 Answers ]

Does anyone know how to write the journal entry for this? Transaction occurred on April 1, 20X5: Paid the $16,000 note and all interest accrued to date. The company had borrowed the $16,000 on October 1, 20X4. Interest accrued on the note at a rate of 10% annually.

Journal Entry [ 2 Answers ]

Can someone please help me with this journal entry: Borrowed $15,000 from the bank by issuing a 12-month note. Interest accrues on the note at the rate of 12% annually, or 1% per month. Interest is to be paid when the note is due next year.

Journal entry [ 3 Answers ]

How do I record the following entry: Owner invested $32,000 cash and equipment valued at $14,000 in the business. What accounts should I use? Help please!

Journal Entry help please! [ 1 Answers ]

-------------------------------------------------------------------------------- 1. Issued 10, 000 shares of capital stock in exchange for $150,000 cash 2. Purchased land and a building for a total price of $175,000. The land was assigned a value of $75,000, with the balance assigned to the...

View more questions Search