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pyriad45
Oct 8, 2011, 10:59 AM
Mr young paid Jay $150 mow his lawn and trim the trees.What is the debit and credit.

ma0641
Oct 8, 2011, 01:43 PM
Jay is really busy. Please read about homework BEFORE posting all of these questions.

pyriad45
Oct 10, 2011, 02:51 PM
My answer was unearned revenue $150.00 as the debit and cash is the cerdit. But the debit should be accounts receivable but in our book that we choose our answer from unearned revenue was my debit?

pready
Oct 10, 2011, 06:11 PM
For Mr. Young the journal entry will be:
Debit an Expense account for the amount paid
Credit Cash for the amount paid.

For Jay the journal entry will be:
Debit Cash for the amount received
Credit Unearned Revenue for the amount.