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-   -   Journal Entries (https://www.askmehelpdesk.com/showthread.php?t=602033)

  • Oct 8, 2011, 10:59 AM
    pyriad45
    Journal Entries
    Mr young paid Jay $150 mow his lawn and trim the trees.What is the debit and credit.
  • Oct 8, 2011, 01:43 PM
    ma0641
    Jay is really busy. Please read about homework BEFORE posting all of these questions.
  • Oct 10, 2011, 02:51 PM
    pyriad45
    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?
  • Oct 10, 2011, 06:11 PM
    pready
    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.

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