where on a t account would I post completed a consulting engagement and received cash of 7800
To properly record the completion of a consulting engagement and the receipt of cash of $7800 on a T-account, you would generally use two accounts: one for recording revenue and one for recording cash.
1. Revenue Account:
You would post the completed consulting engagement to an appropriate revenue account. Depending on the nature of the consulting service, it could be a specific revenue account like "Consulting Revenue" or a more general account like "Service Revenue."
To record the revenue of $7800, you would need to increase the balance of the revenue account. In a T-account, this means you would post the $7800 on the credit (right) side of the revenue account.
2. Cash Account:
You would record the receipt of cash into an account specifically designated for cash, commonly referred to as the "Cash" account or "Cash on Hand" account.
To reflect the receipt of $7800, you would increase the balance of the cash account. In a T-account, this means you would post the $7800 on the debit (left) side of the cash account.
The posting on the T-accounts would look like this:
Revenue Account Cash Account
------------------- -------------------
+ $7800 + $7800
This shows the increase in revenue on the credit side of the revenue account and the increase in cash on the debit side of the cash account.