On Saturday, March 31, one of the company’s employees provided ten hours of service to a customer. The company bills $100 per hour for services provided on weekends. Payment has not yet been received. The accountant did not stop in the office on Saturday; as such, on March 31, the services were unbilled and unrecorded. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Homework Answers
Number of hours = 10
Service revenue per hour = $100
Total service revenue to be charged = Number of hours x Service revenue per hour
= 10 x 100
= $1,000
The following journal entry will be made on March 31:
| Date | General journal | Debit | Credit |
| Mar 31 | Accounts receivable | 1,000 | |
| Service revenue | 1,000 | ||
| ( To record service revenue earned) |
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