On May 7, a company provides services on account to an individual for $2,400. The individual...
On May 7, a company provides services on account to an individual for $2,400. The individual pays for those services on May 13. Required: For the company, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Record the service revenue on account.
Record the cash received on account.
Homework Answers
| Answer | |||
| Date | Account Title | Debit | Credit |
|
07-May |
Accounts receivable | $ 2,400 | |
| Service revenue | $ 2,400 | ||
| ( To record the Service revenue | |||
| 13-May | Cash | $ 2,400 | |
| Accounts receivable | $ 2,400 | ||
| ( To record cash received ) | |||
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c-bad dept expense
d-cash
e- sale revenue
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