View Full Version : Journal entry
kjaunti
Oct 10, 2006, 01:55 PM
If fees are earned but not collected what are my journal entries?
sajalarora
Oct 13, 2006, 10:36 PM
Fees outstanding a/c... dr
To fees a/c
CaptainForest
Oct 14, 2006, 11:38 PM
Dr. Accounts Receivable (instead of Cash)
Cr. Revenue
sajalarora
Oct 15, 2006, 06:47 AM
Fees receivable a/c... dr
To fees earned a/c
Fees receivable is debited because as per the accrual based concept any thing earned during the current year but not recevied should be recorded in the books.
However if this fees was also received during the year then the entry will be
Cash a/c... dr
To fees earned a/c
But now this feess is not received so w'll make a new a/c as fees recevaible.
And in the year of receipt entry will be.
Cash a/c... dr
To fees recevaible a/c
ddplais
Oct 15, 2006, 08:27 PM
if fees are earned but not collected what are my journal entries?
Credit Fees income and debit accounts receivable
arora1998
Aug 20, 2008, 04:20 AM
/oo