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General Ledger Posting
There are several posting to the general ledger I am not sure how to record. These entries are for the October ledger accounts and balance sheet. One is Oct 17 performed $600 of services for customers who paid in advance in August. Is this a service revenue or what? The other one is Oct 20 paid $1,500 to creditors for accounts payable due. Would is be considered as accounts payable?
Cash 600 Service Revenue Unearned Service Revenue Accounts Payable 1500 Cash ?? |
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Don't know if it's too late. The second one is correct. Creditors are payables, yes. The first one is saying that the customers paid in advance back in August. So you aren't being paid anything - they paid you in August. When they paid it went into the unearned revenue account (liability) cause you still owed them the work. In October the work is completed, so now the revenue can be recognized and it comes out of the unearned account. |
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