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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
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.
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!
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