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

    May 17, 2009, 04:18 PM
    Journal Entry
    To account for $1,750 in fees from parents earned in the first six months of operations, but collected in the second six months. What is the journal entry? Should I debit Cash & credit Revenue?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    May 18, 2009, 02:07 PM

    To account for the fees earned, but not yet paid you debit Accounts Receivable for the amount earned, and Credit Service Fees Earned for the amount.

    When the fees are paid you Debit Cash for the amount received, and Credit Accounts Receivable for the amount.
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