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    Breanna.wilson1's Avatar
    Breanna.wilson1 Posts: 2, Reputation: 1
    New Member
     
    #1

    Oct 11, 2010, 06:26 PM
    Performed delivery services fr a customer and received $700 cash
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Oct 11, 2010, 06:28 PM

    Great, take that 700 and pay someone to teach you how to ask better questions.
    Breanna.wilson1's Avatar
    Breanna.wilson1 Posts: 2, Reputation: 1
    New Member
     
    #3

    Oct 11, 2010, 06:34 PM
    Collected $500 in advance for delivery service to be performed later?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #4

    Oct 11, 2010, 06:37 PM

    And your question is?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Oct 11, 2010, 06:43 PM

    Sounds like they are bragging how good their delivery service is. Perhaps they want to hire an accountant for it.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #6

    Oct 13, 2010, 07:20 AM

    For performing a service and receive money from a customer, the journal entry will be:
    Debit Cash for the amount received
    Credit Service Revenue for the amount

    For being paid in advance for a service to be performed later, the journal entry will be:
    Debit Cash for the amount received
    Credit Unearned Service Revenue (a liability account) for the amount.

    When the service is provided the journal entry will be:
    Debit Unearned Service Revenue for the amount earned
    Credit Service Revenue for the amount earned.

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