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Revenue Journal
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Where are services performed for cash should be recorded?
Revenue journal
Journal entry for services performed for cash?
May 6 Cash 3900 Service Revenue 3900 Performed service for cash.
What Journal entry for services performed but not received cash?
debit accounts receivablecredit services revenue
In accounting Cash purchase of supplies should be recorded in what?
cash payments journal
How are services paid months in advance for services rendered recorded in a journal?
[Debit] Advance expenses [Credit] Cash / bank
Where are services performed for cash should be recorded?
Revenue journal
Journal entry for services performed for cash?
May 6 Cash 3900 Service Revenue 3900 Performed service for cash.
The journal in which invoices for services provided are recorded is the?
cash receipts journal
What Journal entry for services performed but not received cash?
debit accounts receivablecredit services revenue
In accounting Cash purchase of supplies should be recorded in what?
cash payments journal
How are services paid months in advance for services rendered recorded in a journal?
[Debit] Advance expenses [Credit] Cash / bank
Chapter III-the adjusting process?
If a company is using the cash-basis method of accounting, when is revenue recorded? A) When services are rendered, even though cash may be received at a later date B) When cash is received C) Only when cash is received before the completion of the services D) Only when cash is received during the completion of the services
What is the accounting principle that requires accounting information to be based on actual cost and require assets and services to be recorded initially at the cash or cash equivalent amount?
Cost principal
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
In what accouting period are audit fees recorded?
Cash Basis - When the check is written to pay for them. Accrual Basis - When the services are rendered.
How is the temporary cash surplus managed?
The temporary cash surplus is managed just like any other cash. The relevant transactions should be recorded on how the cash has been used.
What is the cash accounting method?
There are two accounting methods commonly use and those are: 1 - Accrual Accounting 2 - Cash Accounting 1 - Accrual Accounting method is used in which expenses are recorded when they occur and not when actual cash is paid, In this method actual cash payment timing is not important for expense or receipt recording 2 - Cash Accounting method is used in which expenses are recorded when actual cash is paid for expenses or cash is received for services or product and in this method actual timing or expense or receipt is not important and all transactions are recorded at actual cash payment time.
