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Accounting (Text Only)
Journal entry for fees earned
Prepare a journal entry on August 13 for cash received for services rendered, $9,000.
Journal:
Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.
Rules of Debit and Credit
Following rules are followed for debiting and crediting different accounts while they occur in business transactions:
- Debit, all increase in assets, expense, dividends, and owner’s drawing accounts, and all decrease in liabilities, revenues and owner’s capital accounts.
- Credit, all increase in liabilities, revenues, and owner’s capital accounts, and all decrease in assets, expenses, and owner’s drawing account.
To prepare: The journal entry to record the cash received for services rendered.
Journalize the receipt of cash for the services rendered.
| Date | Description |
Post. Ref | Debit ($) | Credit ($) | |
| August | 13 | Cash | Â | 9,000 | Â |
| Â Â Â Fees earned | Â | Â | 9,000 | ||
| Â | (Received fees from customers) | Â | Â | Â | |
Table (1)
- Cash is an asset account, and it is increased. Hence, debit the cash account for $9,000.
- Fees earned are the revenue account, and they are increased. Hence, credit the fees earned account by $9,000...
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