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adsawyer
Sep 17, 2007, 04:50 PM
What is the journal entry for this... Received cash from clients on account, $1,500

4Melanie
Sep 17, 2007, 07:11 PM
What is the journal entry for this... Received cash from clients on account, $1,500
Cash - debit $1500
Account Receivable - customer's name - credit $1500

em.danielle1144
Oct 15, 2011, 04:44 PM
What would the general ledger entry look like for that

em.danielle1144
Oct 15, 2011, 04:44 PM
Would you credit accounts receivable? Or debit it?

pready
Oct 15, 2011, 05:11 PM
You will Debit Cash because a customer paid on his or her account and you will Credit Accounts Receivable, which will lower the account balance.

em.danielle1144
Oct 15, 2011, 05:29 PM
What if that makes more accounts receivable on the general ledger negative? What does that mean?

em.danielle1144
Oct 15, 2011, 06:09 PM
What about this in the general journal (for a corporation):
Recorded services provide on account for the period Jan 1-15 -$13,000
Would that debit accounts receivable and credit unearned revenue?

pready
Oct 15, 2011, 09:19 PM
The Debit will be to Accounts Receivable because services were provided on account and your Credit will be to Service Revenue because you provided services.

em.danielle1144
Oct 16, 2011, 03:56 PM
It's for a project my teacher gave me and Service Revenue isn't on there but Unearned Fees and Earned Fees is.

pready
Oct 16, 2011, 03:59 PM
Earned Fees is the same thing as Service Revenue so if you have an Earned Fees account, then use Earned Fees.

em.danielle1144
Oct 17, 2011, 10:28 AM
Thank you so much. One more question relating to that is this:
Recorded cash from clients for fees earned during the period Jan. 1-16 - $9,000
Would you debit cash and credit accounts receivable?

pready
Oct 17, 2011, 11:38 AM
Yes, you are correct.

em.danielle1144
Oct 17, 2011, 02:03 PM
Okay thank you so much!

em.danielle1144
Oct 17, 2011, 02:09 PM
Oh crap. If it says paid three months' rent on a lease rental contract do that debit prepaid rent and credit cash.
I was given two accounts to use prepaid rent and rent expense.
There is a question just like that about insurance has well.

pready
Oct 21, 2011, 11:16 AM
If you paid 3 months rent in advance the journal entry will be:
Debit Prepaid Rent
Credit Cash

Insurance payments will be treated the same way, so your entry will be:
Debit Prepaid Insurance
Credit Cash

laarnie
Jun 17, 2012, 03:43 PM
Cash - debit $1500
Account Receivable - customer's name - credit $1500

What functions relate?

laarnie
Jun 17, 2012, 03:48 PM
what functions relate?

Where is asset,liabilities,expences,revenue,capital?

paraclete
Jun 17, 2012, 10:45 PM
where is asset,liabilities,expences,revenue,capital?

Be relevant