March 1, 2015

Homework Help: RE: accounting

Posted by Dan on Tuesday, September 12, 2006 at 8:05am.

When posting a journal entry how would I post the following.
March 9 Completed a 7,500 project for a client who must pay within 30 days.
March 22 Received 3,500 cash as a partial payment fro the work completed on March 9
Please help immediately

Thank you for using the Jiskha Homework Help Forum. If you can access the netMBA site you will be able to research anything having to do with accounting.

The journal is a chronological record of transactions, showing an explanation of each transaction, the accounts affected, whether the accounts are increased or decreased and by what amount.

You will need, of course, the date, the name of the account debited or credited, the amount, and a short description of the transaction is optional. A compound is efficient, showing both the Accounts Receivable and the Accounts Payable.

The entry first should look like
Income earned (or whatever term is used for revenues)
Be sure to use the date and make some explanation for which project is being charged
The second looks like
A/R for the account
Again, remember the date and make some explanation.

Answer this Question

First Name:
School Subject:

Related Questions

accounting - Joe makes $40,000 per year as an exempt employee. She worked 25 ...
Accounting - I need help with this problem. Could someone possibly explain to me...
Accounting- Help Please - Accounting Help-Preparing and posting journal entries...
Accounting - Glanville Distribution markets CDs of the performing artist ...
Accounting - Glanville Distribution markets CDs of the performing artist ...
accounting help - How to prepare this entries Preparing and posting journal ...
accounting - On March 1, 2008, five-year bonds are sold for $254,013 that have a...
Accounting urgent - Prepare the journal entries to record the following ...
Accounting - The Divine Merchandising Corporation began March operations with ...
accounting - Shelton Engineering completed the following transactions in the ...