Stockholders equity Increases. The customer paid 30% of the total amount and was given 15 days to pay the remaining balance. Prepare the general journal entry to record this transaction. While we are not doing depreciation calculations here, you will come across more complex calculations in the future. A company completed services for several clients and billed them for $12,000. The first step is the receipt of the invoice, which can be done through various channels such as email, fax, or courier. 10 Shop Supplies Inventory Rendered Services for cash, 30 Notes Receivable services rendered, the journal entry to record this transaction You will notice there is already a credit balance in this account from the January 9 customer payment. WebThe company can make the received payment on account journal entry by debiting the cash account and crediting the accounts receivable for the amount received. WebReceived a bill, to be paid in September, for advertisement placed in a national newspaper during the month of August to promote Joel Feliciano Communications, P7,000 Billed a customer for services rendered, P27,000 Paid salaries for the second half of August, P19,000 Withdrew cash for personal use, P12,000 Aug.2 7 10 12 14 15 17 19 24 25 26 29 A company provided services to a customer for $50,000 cash. A company received $588 cash from a customer who had previously purchased services on account. Required: Journal Entries. How does billing customers for services on account affect the accounting equation? A company billed customers $3,700 for services performed. Prepare the general journal entry to record this transaction. The company can now recognize the $600 as earned revenue. _____________ Rendered Services for cash, 15 Accounts Receivable Payment of employees salary, 20 _____________ % True In the journal entry, Supplies Expense has a debit of $100. Prepare the general journal entry to record this transaction. Prepare the general journal entry to record this transaction. The owner deposited cash to the bank as investment, 3 ______________ Transferred money to Landbank as investment to the business. A company received $800 from clients who were previously billed for consulting services provided. _____________ Prepare the general journal entry to record this transaction. 2 acquired laundry equipment costing p75000 paying Prepare the general journal entry to record this transaction. A company paid $750 cash for this month's utilities. 28 Rendered Services, P30, A company received $2,500 from a customer for services previously performed. Depreciation Expense: Equipment, with a debit entry dated January 31 of 75, and a debit balance of 75. It is earned when the services have been rendered or performed. Journal Entry billed customers The cash would increase in the same account.