RE: accounting

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.

  1. 👍 0
  2. 👎 0
  3. 👁 254

Respond to this Question

First Name

Your Response

Similar Questions

  1. accounting

    List the following steps of the accounting cycle in their proper order a. Preparing the post closing trial balance b. postint the journal entries c. journalizing and posting adjusting entries d. preparing the adjusted trial

  2. accounting

    The following adjusting journal entry was found on page 4 of the journal. Select the best explanation for the entry. Wages Expense 2,555 Wages Payable 2,555 ???????????????? Record the payment of wages Record wages to be paid this

  3. accounting

    A company has an overhead application rate of 125% of direct labor costs. How much overhead would be allocated to a job if it required total direct labor cost of $20,000? $5,000. $16,000. $25,000. $125,000. $250,000. The R&R

  4. english

    Annex Perspectives Description For this assignment, you will choose a resident of the annex (other than Anne) and rewrite a journal entry from this individual’s perspective. Specifications Your entry should • Reflect what you

  1. Accounting

    What would the journal entry be for this transaction? sent a reminder to Gomez Co to pay the fee for services recorded on November 8 There would be no entry since a transaction did not take place.

  2. accounting (balance sheet, retained earnings...)

    Problem P3-5A On September 1, 2002, the account balances of Rijo Equipment Repair Corp. were as follows: Nbr: Debits Nbr: Credits 101 Cash $4,880 154 Accumulated depreciation $1,500 112 Accounts receivable 3,520 201 Accounts

  3. accounting

    Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depreciation) and a fair value of $7,700. Required: 1.

  4. Language arts

    For this assignment, you will choose a resident of the annex (other than Anne) and rewrite a journal entry from this individual’s perspective. Specifications Your entry should • Reflect what you have learned about the

  1. English :Journal entry

    We have been assinged a tast to write a journal entry essay on a subordinate group. I have all of the information but have no idea on how to make a journal (I have never had one of those) any ideas would be great. Thanks Jeff A

  2. Accounting

    Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared a 3% stock dividend to be issued April 30 to stockholders of record on March 14. The market price of the stock was $90 per share

  3. Accounting

    Rented an office and paid three months rent in advance to property Management check #001 $4,500. How would this journal entry be posted to the general journal.

  4. accounting

    An audit trail allows an individual to track a transaction from the journal entry to the general ledger through to the financial statements. The audit trail can also find all the transactions that comprise the dollar amount for

You can view more similar questions or ask a new question.