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mgordo1
Jan 20, 2011, 03:12 PM
I have to record journal entries for the following transactions

Jan 4 -Purchases party favor from TL Max for cash outlay of $35.00 to be used at the forthcoming birth party schedule for Jan. 8th

Jan 8 Performed birthday party for $35 for Steven Family; collected cash of $245


What are the journal entries for the above transaction? Can you explain the transactions

Thanks

Just Looking
Jan 21, 2011, 09:59 AM
Debit an expense account for the $35 and credit cash. The $245 received is your revenue, so debit cash for $245 and credit a revenue account.

smoothy
Jan 24, 2011, 01:33 PM
Sounds to me like someone's homework question they cut and pasted.

https://www.askmehelpdesk.com/finance-accounting/read-me-first-expectations-homework-help-board-25444.html