Ask Experts Questions for FREE Help !
Ask
    Alykat122's Avatar
    Alykat122 Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 20, 2006, 02:16 PM
    Journalize transactions
    Recorded services provided on account for the period April 1-12, $4200.00

    Is this correct:

    DR- Accounts receivable
    CR- Unearned fees

    Paid Office station Co. for part of the debt incurred on April 5, $1200.00

    Is this correct:

    DR- Accounts payable
    CR- Cash

    Recorded services provided on account for the period April 13-20 $2100.00

    Is this correct:

    Dr- Fees Earned
    Cr- Accounts receivable

    I would really appreciate it if someone would help me understand this. I have class tonight and I am very confused about these ones. Thank you in advance for the help.

    Thank~
    Alexandra
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
     
    #2

    Feb 20, 2006, 08:53 PM
    Recorded services provided on account for the period April 1-12, $4200.00

    Is this correct:

    DR- Accounts receivable
    CR- Unearned fees


    NO. It sounds like a sale that a customer has pre-paid for already.

    Dr. Unearned Revenue
    Cr. Fees Earned


    Paid Office station Co. for part of the debt incurred on April 5, $1200.00

    Is this correct:

    DR- Accounts payable
    CR- Cash

    YES


    Recorded services provided on account for the period April 13-20 $2100.00

    Is this correct:

    Dr- Fees Earned
    Cr- Accounts receivable


    Same as the first one. So the journal entry should be the same.

    Dr. Unearned Revenue
    Cr. Fees Earned
    em.danielle1144's Avatar
    em.danielle1144 Posts: 12, Reputation: 1
    New Member
     
    #3

    Oct 18, 2011, 09:42 PM
    What about recorded cash from cash clients for fees earned during the period Jan 17-24 - $8300

    Dr Cash
    Cr Unearned Fees
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #4

    Oct 21, 2011, 11:04 AM
    Your Credit should be to Earned Fees.

    Unearned means that you received cash in advance for services or goods to be rendered later.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search


Check out some similar questions!

Journalize Transactions [ 4 Answers ]

The following transactions took place during the month of December; Dec. 5 Received a check for $30 representing interest due on marketable securities. Interest Receivables $30 DR Interest Income $30 CR Is this correct?:

Journalize this [ 2 Answers ]

Acquired building ; the cost $200,000 ; with estimated life 40 years. It will be depreciated over 40 years using straight line depreciation. Salvage value $20,000. How do I journalize this? I have Cash $200,000 Building $200,000 ...

Journalize and Adjusting [ 5 Answers ]

I need journal entries and adjustments for these transactions Journalize : Tim Duncan, the owner, invests $40,000 cash. Prepaid $12,000 cash for twelve months' rent for office space. Made credit puchase for $5,000 in office equipment. Completed work for a client and immediately received...

Journalize entries [ 1 Answers ]

I've been trying to journalize this and think I've got it wrong: Assume a 4% service fee is charged by American Express. Record the entry for the transaction on the restaurant's books for Dr. Millerís AMEX credit card transaction. The service fee is 2,000 x 4%=$80. The entry is Accounts...

Transactions [ 1 Answers ]

I need some help with these transactions. 1. Accrued salaries, $170 Dr. Salary Expense $170 Cr. Salary Payable $170 2. Supplies used, $120 Dr. Supplies Expense $120 Cr. Supplies $120


View more questions Search