What is the journal entry for this... Received cash from clients on account, $1,500

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Originally Posted by adsawyer

What is the journal entry for this... Received cash from clients on account, $1,500

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Cash - debit $1500
Account Receivable - customer's name - credit $1500

What would the general ledger entry look like for that

Would you credit accounts receivable? Or debit it?

You will Debit Cash because a customer paid on his or her account and you will Credit Accounts Receivable, which will lower the account balance.

What if that makes more accounts receivable on the general ledger negative? What does that mean?

What about this in the general journal (for a corporation):
Recorded services provide on account for the period Jan 1-15 -$13,000
Would that debit accounts receivable and credit unearned revenue?

The Debit will be to Accounts Receivable because services were provided on account and your Credit will be to Service Revenue because you provided services.

It's for a project my teacher gave me and Service Revenue isn't on there but Unearned Fees and Earned Fees is.

Earned Fees is the same thing as Service Revenue so if you have an Earned Fees account, then use Earned Fees.

Thank you so much. One more question relating to that is this:
Recorded cash from clients for fees earned during the period Jan. 1-16 - $9,000
Would you debit cash and credit accounts receivable?

Yes, you are correct.

Okay thank you so much!

Oh crap. If it says paid three months' rent on a lease rental contract do that debit prepaid rent and credit cash.
I was given two accounts to use prepaid rent and rent expense.
There is a question just like that about insurance has well.

If you paid 3 months rent in advance the journal entry will be:
Debit Prepaid Rent
Credit Cash

Insurance payments will be treated the same way, so your entry will be:
Debit Prepaid Insurance
Credit Cash

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Originally Posted by 4Melanie

Cash - debit $1500
Account Receivable - customer's name - credit $1500

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What functions relate?

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Originally Posted by laarnie

what functions relate?

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Where is asset,liabilities,expences,revenue,capital?

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Originally Posted by laarnie

where is asset,liabilities,expences,revenue,capital?

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Be relevant