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    martkm's Avatar
    martkm Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jun 18, 2009, 12:14 AM
    What is journal entry record?
    My client paid management services 80K fir 6-months services in advance. How we record this transaction in general journal entry?

    Should I record 'debit to fees for $80K
    Or
    Debit to management fees earned for $80K
    Or Credit to Unearned Management Fees for 80K
    Or
    Credit to Management Fees earned for 80K

    I am thinking Credit to unearned management fess for 80K. What you think
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Jun 18, 2009, 11:48 AM

    Debit Cash for the amount received
    Credit Unearned Revenue (Liability Account) for the amount received
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