Accounting Entry

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"Received $2000 from a client for financial services to be rendered next year."

I am supposed to record the general journal entry for this. Would it be this:

Cash $2000
A/R $2000

or what? This entry is for the last day of the fiscal year, too. Please help me, thanks :)


The credit should be for some kind of unearned income account. The debit is for cash.

  • Accounting Entry -

    The entry that I would recommend is:

    Cash $2000
    Deposits received (liability account) $2000

    As the money is used:
    Debit deposits received $XXXX
    Credit Income account $XXXX

  • Accounting Entry -

    started business with capital of rs. 30,000

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