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    ambermarie24's Avatar
    ambermarie24 Posts: 1, Reputation: 1
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    #1

    Oct 26, 2009, 05:55 PM
    Need this answered by tonight pleaseee! (journal entries)
    I am completely stumped on this journal entry.

    How would you journalize

    "Recieved $3325 from American Express Co. after a $175 collection fee had been deducted"

    I know you would debit cash for 3325 and debit credit card expense for 175, but what account would you credit for 3500?
    Nina4B's Avatar
    Nina4B Posts: 1, Reputation: 1
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    #2

    Oct 26, 2009, 06:02 PM

    Not sure, but I believe it would belong to the Accounts Receivable.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Oct 26, 2009, 11:04 PM

    Yes, it would be accounts receivable. If American Express owes you money from credit card charges, that is no different than when anyone else owes you money. And that is accounts receivable.
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