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
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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.