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-   -   Need help entering fees and cash properly (https://www.askmehelpdesk.com/showthread.php?t=607898)

  • Oct 29, 2011, 04:58 PM
    palia
    Need help entering fees and cash properly
    Phone fees were $14,800 in cash and $3,000 on account for the year.

    I need to "journalize" this transaction.
  • Oct 30, 2011, 07:53 AM
    pready
    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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