[rosa21]

I know its account receivble but what do I credit?>17 Completed a contract for a client for $3,000 on account

5 ) Signed a two-year rental agreement on an office and paid $4,800 cash. Half was for the May 2011 rent and the other half was for the final month’s rent. (Hint: The portion for the final month is considered prepaid rent.) this one is rent expense and prepaid rent but what's the third one?

25 Completed services for a client and immediately collected $1,100

28 Collected $2,500 from the client billed on May 17.

[pready]

The first entry will be Debit Service Revenue (or appropriate revenue) account and Debit Accounts Receivable for the amount

The second entry will be: Debit Prepaid Rent for half of the payment and Debit Rent Expense for the other half payment, Credit Cash for the total amount.

The third entry: Debit Cash for the amount received and Credit Service Revenue (or appropriate revenue) account for the amount.

The last entry is: Debit Cash for the amount received and Credit Accounts Receivable for the amount received.