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Confused Student
Jun 26, 2006, 03:58 PM
Did I do this right?

Question:

Accepted an advance in cash for artwork to be done for another agency, $1600

My Journal Entry?

Debit Cash $1600
Credit Prepaid Artowrk $1600

CaptainForest
Jun 26, 2006, 08:20 PM
Question:

Accepted an advance in cash for artwork to be done for another agency, $1600.

Dr. Cash 1,600
Cr. Unearned Revenue 1,600