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    d_accountant's Avatar
    d_accountant Posts: 10, Reputation: 1
    New Member

    Jun 17, 2010, 03:38 PM
    Provided educational services, $125, to K.Thorne in exchange for educational supplies
    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's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member

    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.

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