1. Questions

Accounts

What should be the general entries for a revenue which was earned in 2007 but not received till January 2008. Please tell me entries for both year 2007 and 2008. I mean, what entry should I make at the end of 2007 for the income I earned but not received, and what would be the entries for the money I received in January 2008, earned Last year. Thank you.

  1. 👍
  2. 👎
  3. 👁
Eric

  1. The dates that you worked are the dates that you made the money so if its money made in 07 even though you may not have been paid yet it is still income of 2007.
    2008 is a different tax year.

    1. 👍
    2. 👎
    Liam

Respond to this Question

First Name

Your Response

Similar Questions

  1. Accounting

    Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR). a. To record revenue earned that was previously received as cash in advance. b.

  2. college algebra

    Demand Equation: The price p, in dollars, and the quantity x sold of a certain product obey the demand equation x = -5p + 100, 0 (less than or equal to) p (less than or equal to) 20 a.) Express the revenue R as a funtion of x. b.)

  3. algebra

    On a quiz worth 5 points, four students earned a 5, seven students earned a 4, six students earned a 3, two students earned a 2, and one student earned a zero. Find the average score. (round to one decimal place)

  4. Accounting

    This is for an accounting course doing adjusting entries.. The rental revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received. On the trial balance the amount for

  1. Mathematics

    Find the following quiz average for a class of 20: On a quiz worth 5 points, four students earned a 5, seven students earned a 4, six students earned a 3, two students earned a 2, and one student earned a zero.

  2. Math

    The diagram represents the factorization of a2+8a+12. A 2-column table with 2 rows. First column is labeled a with entries a squared, 2 a. Second column is question mark with entries 6 a, 12. First row is labeled a with entries a

  3. bookkeeping

    Worksheet (Use the information from the trial balance in Exam Figure 2. Write the worksheet information on the form in Exam Figure 1.) You’ll need the following adjustment information: a. P. Woodsley counted the supplies on May

  4. Anonymous

    For Pose for Pics, prepare journal entries, T-accounts and a trial balance Pose for Pics Preparing journal entries and trial balances Exercise 2-4 Prepare general journal entries for the following transaction of a new business

  1. math

    The revenue from selling q items is R(q) = 600q − q^2, and the total cost is C(q) = 150 + 50q. Write a function that gives the total profit earned. It is my understanding that profit = revenue - costs. So when I tried to write

  2. accounting

    Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued revenue (accrued asset). 116117 • 2. A three-year premium

  3. Accounting 225

    Use the information in Exercise 2-4 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital; Photography Fees Earned; and

  4. Accounting

    The Account Cycle Bob night opened "The general's favorite Fishing Hole" The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests typically register

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