Completed a project for Chang Corporation abd received $3620 cash.
I need to know the debit and credit.
Thanks
To determine the debit and credit entries for this transaction, we need to have more information about the nature of the project you completed. Depending on the details, the entry could be recorded in various accounts.
However, let's assume that the project you completed for Chang Corporation was a service provided by your business. In that case, the general journal entry would typically be as follows:
Debit: Cash (Asset Account) - $3620
Credit: Service Revenue (Income Account) - $3620
This entry reflects an increase in the cash asset of $3620, representing the amount received. The credit entry records the revenue earned from providing the service.
It is important to note that this is a general example, and the actual account titles and amounts may vary based on the specific requirements of the project and your accounting system. Please consult with an accountant or refer to your specific company's chart of accounts for accurate information.