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    BabyJJ54's Avatar
    BabyJJ54 Posts: 2, Reputation: 1
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    #1

    May 10, 2013, 05:35 PM
    Accounting Proper journalizing and posting
    1. Receiva check from Pinpoint Marketing to pay balance due on their acct.
    Their balance is $1605.

    I am not sure how to record and post these as you please tell me if I am on the right track.
    Accont Receivable Ledger
    1605 Cr
    Cash Receipts Journal
    1605 Cr
    General Journal
    Accounts receivable-Pinpoint Marketing 1605 Dr
    Sales 1605 Cr
    Am I any where close to a being right on this. Please help.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    May 10, 2013, 08:01 PM
    You only have one journal entry here. You are receiving payment on an account, so your journal entry will be:
    Debit Cash for 1605
    Credit Accounts Receivable for 1605

    Your other journal entry is incorrect because your Sales have already been recorded when the Accounts Receivable Account was increased.
    BabyJJ54's Avatar
    BabyJJ54 Posts: 2, Reputation: 1
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    #3

    May 10, 2013, 09:41 PM
    Quote Originally Posted by pready View Post
    You only have one journal entry here. You are receiving payment on an account, so your journal entry will be:
    Debit Cash for 1605
    Credit Accounts Receivable for 1605

    Your other journal entry is incorrect because your Sales have already been recorded when the Accounts Receivable Account was increased.
    Thank you, I was thinking I had to also post to the General Ledger. I am a beginner at this I hope I can catch on soon. It is not as easy as I thought.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    May 11, 2013, 05:24 AM
    My post was for a general ledger posting. If you are using special journals your debit would be to the Cash Receipts journal and your credit would be to Accounts Receivable.
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