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View Full Version : Need help entering fees and cash properly


palia
Oct 29, 2011, 04:58 PM
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