Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   Provided educational services, $125, to K.Thorne in exchange for educational supplies (https://www.askmehelpdesk.com/showthread.php?t=480578)

  • Jun 17, 2010, 03:38 PM
    d_accountant
    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?
  • Jun 22, 2010, 02:05 AM
    morgaine300

    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.

  • All times are GMT -7. The time now is 11:30 PM.