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View Full Version : Provided educational services, $125, to K.Thorne in exchange for educational supplies


d_accountant
Jun 17, 2010, 03:38 PM
On the general ledger "provided educational services, $125, to K.Thorne in exchange for educational supplies" does this go under fees earned or accts receivable? Debit or credit?

morgaine300
Jun 22, 2010, 02:05 AM
The services goes under services as a credit, since that's revenue. For services you render, you get an asset in exchange, always. Commonly you get cash outright, or you get accounts receivable, which is a promise to pay you in the future. This person is not promising to pay you in the future. You got an asset in exchange this time as well: educational supplies.

An asset is an asset. They all get treated the same.