debit accounts receivable
credit services revenue
[Debit] Cash / bank [Credit] Services revenue
no entry when invoices received, journal entry made when transaction occured and not when invoices received.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
[Debit] cash / bank xxxx [credit] sales xxxx
[Debit] Cash / bank [Credit] Services revenue
no entry when invoices received, journal entry made when transaction occured and not when invoices received.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
The journal entry for prepaid income is a debit to the Cash account and a credit to the Unearned Revenue account. The Unearned Revenue account is a liability. The rationale for such an entry is that this is income received in advance. This means that the income has not been earned since the services have not yet been performed. When the services have been performed it is appropriate to recognize the revenue and offset the liability account, unearned revenue.
[Debit] cash / bank xxxx [credit] sales xxxx
May 6 Cash 3900 Service Revenue 3900 Performed service for cash.
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
If dividend received is reinvested then there is no journal entry is required and this information can be mentioned through the use of memo entry.There is no journal entry required for dividend received reinvested as nothing is received by person or company so memo entry is enough for information purpose.
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
Journal entry:[Dr.]Bank account xxxx[Dr.]Cash account xxxxx[Cr.]Commission Received xxxxCommission received is credited because it is our income and incomes are credited.
Dr cash/bank Cr discount received
[Debit] CashCredit Rent Received / Rent Revenue