Homework Answers
The following entry would be made on 12/20/19 :
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| 12/20/19 | Accounts receivable | 200 | |
| Service revenue | 200 |
The following entry should have been made on 12/29/19 :
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| 12/29/19 | Cash | 200 | |
| Accounts receivable | 200 |
But the entry to receive cash from customer was not made. It will not effect income statement since It does not contain any income statement item.
It will not effect balance sheet also since cash will be understated by $200 and accounts receivable will be overstated by $200, making total assets uneffected.
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