THE APRIL 22( RECEIVE A TELEPHONE BL FOR 700, DUE NEXT
MONTH) why you didnt include it in Journal entries.
The APRIL 20(RECEIVE 16200 IN CASH FROM THE CUSTOMER BILLED ON
APRIL 13) I think we shouldnt include it in Trial balance since she
already paid it. Kindly clarify it. Thankyou
Answer is as follows:
1. In the given case there is no need to pass a journal entry. Journal entry is required to be passed when there occurs a payment for telephone bill or when the bill is due.
Although we received a telephone bill on April 22, it is due in the next month and there is no information regarding payment and hence no requirement of passing journal entry.
2. We should include the effect of each and every transaction in the trial balance. Although the billed amount is received from the customer, we have to include the amount of 16200 in the Cash account and Sales revenue account. It gives the double entry effect for the given transaction.
Enrty on April 13: Accounts receivable A/C Dr 16200
To Sales revenueA/c 16200
Entry on April 20: Cash A/C Dr 16200
To Accounts Receivable A/C 16200
Combined effect: Cash A/c Dr 16200
To Sales Revenue A/c 16200, we have to include this transaction in trial balance.
THE APRIL 22( RECEIVE A TELEPHONE BL FOR 700, DUE NEXT MONTH) why you didnt include...
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