RE: accounting

posted by .

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
thanks


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
A/R
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
Cash
A/R for the account
Again, remember the date and make some explanation.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting - Please Help

    What would the Journal Entry be for this transaction: Notified by Alex's Engineering Co that Success's bid of $9,000 on a proposed project has been accepted. Alex's paid a $2,500 cash advance to Sucess Systems. Would I have two different …
  2. Accounting- Help Please

    Accounting Help-Preparing and posting journal entries; and preparing a trial balance.?
  3. accounting help

    How to prepare this entries Preparing and posting journal entries; preparing a trial balance Shelton Engineering completed the following transactions in the month of June. a. Shania Shelton, the owner, invested $105,000 cash, office …
  4. accounting

    Shelton Engineering completed the following transactions in the month of June. a. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the business. …
  5. accounting

    Tracy Migre, a certified public accounting, has completed the following transactions. Ms.Migres assests , liabilites, and owner equity account titles and balances are shown in the table below. use the table on the page to show the …
  6. accounting/check please

    (hey i asked for help with accounting with a question i saw the same question at this site but when i click it it doesnt work is there anyway you can check it for me then what they posted there you can copy and post it here for me).my …
  7. math

    hey i asked for help with accounting with a question i saw the same question at this site but when i click it it doesnt work is there anyway you can check it for me then what they posted there you can copy and post it here for me).my …
  8. Accounting

    I need help with this problem. Could someone possibly explain to me how to prepare the journal entry for this problem?
  9. accounting

    March 15 Received $2,500 partial payment on a $5,000 accounts receivable balance. Wrote off the rest of the account as uncollectible.
  10. accounting

    provided accounting services to dress shop $8,500. payment to received on july 9th how would this journal entry be posted to the general journal.

More Similar Questions