Phone fees were $14,800 in cash and $3,000 on account for the year.
I need to "journalize" this transaction.
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Phone fees were $14,800 in cash and $3,000 on account for the year.
I need to "journalize" this transaction.
I take it this is revnue for the company, then your journal entry will be:
Debit Cash for the amount oc cash feceived
Debit Accounts Receivable for the difference
Credit Phone Fees Earned (or other appropriate revenue account) for the total amount earned
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