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    adsawyer's Avatar
    adsawyer Posts: 1, Reputation: 1
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    #1

    Sep 17, 2007, 04:50 PM
    Received cash from clients on account, $1,500
    What is the journal entry for this... Received cash from clients on account, $1,500
    4Melanie's Avatar
    4Melanie Posts: 7, Reputation: 2
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    #2

    Sep 17, 2007, 07:11 PM
    Quote Originally Posted by adsawyer
    What is the journal entry for this... Received cash from clients on account, $1,500
    Cash - debit $1500
    Account Receivable - customer's name - credit $1500
    em.danielle1144's Avatar
    em.danielle1144 Posts: 12, Reputation: 1
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    #3

    Oct 15, 2011, 04:44 PM
    What would the general ledger entry look like for that
    em.danielle1144's Avatar
    em.danielle1144 Posts: 12, Reputation: 1
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    #4

    Oct 15, 2011, 04:44 PM
    Would you credit accounts receivable? Or debit it?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #5

    Oct 15, 2011, 05:11 PM
    You will Debit Cash because a customer paid on his or her account and you will Credit Accounts Receivable, which will lower the account balance.
    em.danielle1144's Avatar
    em.danielle1144 Posts: 12, Reputation: 1
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    #6

    Oct 15, 2011, 05:29 PM
    What if that makes more accounts receivable on the general ledger negative? What does that mean?
    em.danielle1144's Avatar
    em.danielle1144 Posts: 12, Reputation: 1
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    #7

    Oct 15, 2011, 06:09 PM
    What about this in the general journal (for a corporation):
    Recorded services provide on account for the period Jan 1-15 -$13,000
    Would that debit accounts receivable and credit unearned revenue?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #8

    Oct 15, 2011, 09:19 PM
    The Debit will be to Accounts Receivable because services were provided on account and your Credit will be to Service Revenue because you provided services.
    em.danielle1144's Avatar
    em.danielle1144 Posts: 12, Reputation: 1
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    #9

    Oct 16, 2011, 03:56 PM
    It's for a project my teacher gave me and Service Revenue isn't on there but Unearned Fees and Earned Fees is.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #10

    Oct 16, 2011, 03:59 PM
    Earned Fees is the same thing as Service Revenue so if you have an Earned Fees account, then use Earned Fees.
    em.danielle1144's Avatar
    em.danielle1144 Posts: 12, Reputation: 1
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    #11

    Oct 17, 2011, 10:28 AM
    Thank you so much. One more question relating to that is this:
    Recorded cash from clients for fees earned during the period Jan. 1-16 - $9,000
    Would you debit cash and credit accounts receivable?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #12

    Oct 17, 2011, 11:38 AM
    Yes, you are correct.
    em.danielle1144's Avatar
    em.danielle1144 Posts: 12, Reputation: 1
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    #13

    Oct 17, 2011, 02:03 PM
    Okay thank you so much!
    em.danielle1144's Avatar
    em.danielle1144 Posts: 12, Reputation: 1
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    #14

    Oct 17, 2011, 02:09 PM
    Oh crap. If it says paid three months' rent on a lease rental contract do that debit prepaid rent and credit cash.
    I was given two accounts to use prepaid rent and rent expense.
    There is a question just like that about insurance has well.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #15

    Oct 21, 2011, 11:16 AM
    If you paid 3 months rent in advance the journal entry will be:
    Debit Prepaid Rent
    Credit Cash

    Insurance payments will be treated the same way, so your entry will be:
    Debit Prepaid Insurance
    Credit Cash
    laarnie's Avatar
    laarnie Posts: 3, Reputation: 1
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    #16

    Jun 17, 2012, 03:43 PM
    Quote Originally Posted by 4Melanie View Post
    Cash - debit $1500
    Account Receivable - customer's name - credit $1500
    What functions relate?
    laarnie's Avatar
    laarnie Posts: 3, Reputation: 1
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    #17

    Jun 17, 2012, 03:48 PM
    Quote Originally Posted by laarnie View Post
    what functions relate?
    Where is asset,liabilities,expences,revenue,capital?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #18

    Jun 17, 2012, 10:45 PM
    Quote Originally Posted by laarnie View Post
    where is asset,liabilities,expences,revenue,capital?
    Be relevant
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