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-   -   Transaction Journalizing (https://www.askmehelpdesk.com/showthread.php?t=609663)

  • Nov 5, 2011, 10:09 AM
    karim_takla
    Transaction Journalizing
    Feb. 1 Paid $6,000 for a one-year insurance policy.
    Insurance expense debit 6000/prepaid insurance credit 6000
    Correct?

    Mar. 24 Received $5,000 cash in advance from Denton Company to provide travel services in the near future.
    Cash debit 5000/unearned revenue credit 5000
    Correct?

    Mar. 17 Completed travel services to customers for $12,000 on account.
    Accounts receivable debit 12000/revenue credit 12000
    Correct?
  • Nov 7, 2011, 07:47 AM
    pready
    Feb 1 your Debit will be to Prepaid Insurance and your Credit will be to Cash.

    Your other entries look good.
  • Nov 10, 2011, 02:24 AM
    karim_takla
    Thanksss :D

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