Journal Entry Question

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

Sep 10th, 2015

Thank you for the opportunity to help you with your question!

Journal Entries In the books of Newton & Associates

Date        Particulars                                                           LF             Debit                   Credit

May   1   Income outstanding A/c          Dr.                                          800

                   To Clients A/c                                                                                                    800

              (Bills sent to clients for services given)

          9   Office furniture    A/c             Dr.                                        1,060

               Stationeries          A/c            Dr.                                            160

                     To  City office, Inc A/c                                                                                 1,220

               (Bought office furniture and office supplies on credit)

      15     City office, Inc A/c                  Dr.                                      1,220

                     To Cash A/c                                                                                                  1,220

             (Paid cash)

       23     Electricity Charges A/c        Dr.                                        430

                     To Cash  A/c                                                                                                  430

              (paid electricity bill)

      31    Salary A/c                                Dr.                                      850

                    To Cash A/c                                                                                                   850

                   (Paid salary to employees)

Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 10th, 2015

Could the entry for May 1 also be categorized (particular) as sales revenue so debit sales revenue of $800?  Or would this even be considered accounts receivable?  thank you very much!

Sep 10th, 2015

You can also consider  as Accounts Receivable A/c. Thanks. 

Sep 10th, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
Sep 10th, 2015
Sep 10th, 2015
Oct 23rd, 2017
Mark as Final Answer
Unmark as Final Answer
Final Answer

Secure Information

Content will be erased after question is completed.

Final Answer