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The journal entry for receiving a consultation service fee of Rs 8250 would involve crediting the Consultation Service Revenue account for Rs 8250 to recognize the revenue earned. The corresponding debit entry would typically be made to a Cash or Accounts Receivable account, depending on whether the payment was received immediately or will be received at a later date. This entry follows the basic accounting principle of recognizing revenue when it is earned, regardless of when the cash is actually received.
What else can I help you with?
How do you record in journal entry the receipt of cash from credit?
debit cashcredit accounts receivable
What is the journal entry for providing service on account?
debit accounts receivablecredit services revenue
What is the journal entry for performing service on account?
debit accounts receivablecredit services revenue
What is the journal for deferred income?
There are two sides to the entry, upon cash receipt you debit cash, credit deferred income. To apply the deferred income, the entry is debit deferred income and credit revenue.
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
What is the journal entry for deferred revenue?
As it is a advance receipt the journal entry would be cash dr. to deferred revenue
How do you record in journal entry the receipt of cash from credit?
debit cashcredit accounts receivable
What is the journal entry for recording a utilities receipt?
Debit utility expensesCredit cash /bank
How do you record a journal entry for a service cost?
debit services costcredit cash
What is the journal entry for providing service on account?
debit accounts receivablecredit services revenue
What is the journal entry for performing service on account?
debit accounts receivablecredit services revenue
What is the journal for deferred income?
There are two sides to the entry, upon cash receipt you debit cash, credit deferred income. To apply the deferred income, the entry is debit deferred income and credit revenue.
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
What journal entry is needed to debit for bank service charges?
[Debit] Bank service charges [Credit] Bank account
How would services related to unearned service revenue were performed look like on general journal?
In the general journal, services related to unearned service revenue would typically be recorded as a debit to the Unearned Service Revenue account and a credit to the Service Revenue account. This entry reflects the recognition of revenue as the service has now been performed. For example, if $1,000 of unearned revenue is earned, the journal entry would be: Debit Unearned Service Revenue $1,000 and Credit Service Revenue $1,000. This entry indicates that the obligation to provide the service has been fulfilled.
What is the journal entry for provided service on credit?
When services are provided on credit, the journal entry typically involves debiting Accounts Receivable and crediting Service Revenue. For example, if a service worth $1,000 is provided on credit, the entry would be: Debit Accounts Receivable $1,000 Credit Service Revenue $1,000 This reflects the increase in revenue earned and the corresponding amount owed by the customer.
What is the journal entry for the sale of any service?
debit accounts receivable / cashcredit services revenue
