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Accounting questions-Journal entries?
How do I set up these entries (I already have them done I am just checking my work & there are no examples in the book)
May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.
May 5. Received cash from clients on account, $1,750.
May 15. Recorded services provided on account for the period May 1 – 15, $5,100.
May 17. Recorded cash from cash clients for fees earned during the period May 1 – 16, $7,380.
May 21. Recorded services provided on account for the period May 16 – 20, $2,900.
May 25. Recorded cash from cash clients for fees earned for the period May 17 – 23, $4,200.
May 31. Recorded cash from cash clients for fees earned for the period May 26 – 31, $2,875
May 31. Recorded services provided on account for the remainder of May, $2,200.
May 31. Brent withdrew $7,500 for personal use.
you can email me if this needs more soace than can be given here (jennifermlayne@yahoo.com)
Thanx
2 Answers
- Anonymous1 decade agoFavorite Answer
May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.
Dr. Cash $1,550
Cr. Unearned fees $1,550
May 5. Received cash from clients on account, $1,750.
Dr. Cash $1,750
Cr. Fees $1,750
May 15. Recorded services provided on account for the period May 1 – 15, $5,100.
Dr. Accounts Receivables $5,100
Cr. Fees $5,100
May 17. Recorded cash from cash clients for fees earned during the period May 1 – 16, $7,380.
Dr. Cash $7,380
Cr. Accounts Receivables $7,380
May 21. Recorded services provided on account for the period May 16 – 20, $2,900.
Dr. Accounts Receivables $2,900
Cr. Fees $2,900
May 25. Recorded cash from cash clients for fees earned for the period May 17 – 23, $4,200.
Dr. Cash $4,200
Cr. Fees $4,200
May 31. Recorded cash from cash clients for fees earned for the period May 26 – 31, $2,875
Dr. Cash $2,875
Cr. Fees $2,875
May 31. Recorded services provided on account for the remainder of May, $2,200.
Dr. Accounts Receivables $2,200
Cr. Fees $2,200
May 31. Brent withdrew $7,500 for personal use.
Dr. Shareholders Equity $7,500
Cr. Cash $7,500
- Anonymous5 years ago
The cash account is an asset. All asset accounts have a normal debit balance therefore if you use a Tchart with debits on the left and credits on the right there would normally be a number on the left. All expense accounts are liabilities and thus normally having a credit balance on the right side of a Tchart. When you are trying to decrease an asset account (cash) you would have to credit the account or make an entry to the right side of the Tchart. To increase an expense account you would have to make an entry into the left hand side of the Tchart or debit that account. Thus what this journal entry is doing. Maybe try thinking about it as debits are positive credits are negative. Assets are debits and liabilities are credits. In order to decrease an asset account you would have to add a negative number (credit) to the equation. I know its confusing at first but once you get it it will come like second nature. I should know I have a masters in Accounting!