1. Questions

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 journal entries for this? The one being:

Cash 2500
Unearned Revenue 2500

But what about the $9000 one that I have yet to earn but will end up getting in the next year


The first one looks correct.
You don't need to make any other journal entries until work is completed and payment due, or unless a payment is received in advance.

  1. 👍
  2. 👎
  3. 👁
Anonymous

Respond to this Question

First Name

Your Response

Similar Questions

  1. 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

  2. Bus law

    Alex was on a coast-to-coast trip by automobile. While passing through Ohio, Alex had a flat tire. It was fixed by Sam’s Turnpike Service Station, and later, while Alex was driving in Indiana, the tire came off and Alex was

  3. Bus law

    Alex was on a coast-to-coast trip by automobile. While passing through Ohio, Alex had a flat tire. It was fixed by Sam’s Turnpike Service Station, and later, while Alex was driving in Indiana, the tire came off and Alex was

  4. 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.

  1. Accounting Entry

    "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

  2. accounting

    please help me to get the answers choices below just choice the letter provied. thanks a lot 1.Asset would be increased by : a.Debit to Prepaid Insurance b.Debit to expense c.Credit to Cash d.Debit to Notes Payable 2.Failure to

  3. 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

  4. 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

  1. 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.

  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

    Notified by Alex's Engineering Co that Success's bid of $9000 on a proposed project has been accepted. Alex's paid a $2500 cash advance to success systems. My question is how am i going to put or write this transaction on journal

  4. 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.

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