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    vanessanoelle's Avatar
    vanessanoelle Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 3, 2012, 11:04 PM
    How to make this into a journal entry?
    Notified Alex's Engineering Co. That business solutions' bid of 7000 on a proposed project has been accepted. Alex's paid 1500 cash advance to business solution.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Mar 4, 2012, 08:41 AM
    For Business Solution the journal entry will be:
    Debit Cash for $1,500
    Credit Unearned Revenue for $1,500

    For Alex the journal entry will be:
    Debit an appropriate Expense account for $1,500
    Credit Cash for $1,500
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