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    mgordo1's Avatar
    mgordo1 Posts: 5, Reputation: 1
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    #1

    Jan 20, 2011, 03:12 PM
    Journal entry transactions
    I have to record journal entries for the following transactions

    Jan 4 -Purchases party favor from TL Max for cash outlay of $35.00 to be used at the forthcoming birth party schedule for Jan. 8th

    Jan 8 Performed birthday party for $35 for Steven Family; collected cash of $245


    What are the journal entries for the above transaction? Can you explain the transactions

    Thanks
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #2

    Jan 21, 2011, 09:59 AM

    Debit an expense account for the $35 and credit cash. The $245 received is your revenue, so debit cash for $245 and credit a revenue account.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #3

    Jan 24, 2011, 01:33 PM

    Sounds to me like someone's homework question they cut and pasted.

    https://www.askmehelpdesk.com/financ...ard-25444.html
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