Phone fees were $14,800 in cash and $3,000 on account for the year.
I need to "journalize" this transaction.
pready
Oct 30, 2011, 07:53 AM
I take it this is revnue for the company, then your journal entry will be:
Debit Cash for the amount oc cash feceived
Debit Accounts Receivable for the difference
Credit Phone Fees Earned (or other appropriate revenue account) for the total amount earned