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    niccole's Avatar
    niccole Posts: 9, Reputation: 1
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    #1

    Sep 21, 2008, 07:40 PM
    Revenue for the month of April
    I'm trying to figure the revenue for the month of April with the following information. Borrowed 150,000 from a bank. Collected 30,000 from a sale in March. Sold 35,000 in cash and 65,000 on account.
    I have 2 separate answers. I have 100,000 from the 35,000 and 65,000 sold. But I also added in the 30,000 which was collected from a sale in March.
    DozerOp3's Avatar
    DozerOp3 Posts: 7, Reputation: 0
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    #2

    Sep 21, 2008, 08:02 PM

    In accrual accounting you would have recognized the $30,000 sale as revenue in March by:
    Dr. A/R
    Cr. Sales Rev

    So in April when you got the money the JE would be
    Cr. Cash
    Dr. A/R

    So, the correct answer is $100,000 for April
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