If someone gives you $5,000 to do a job what is the journal entry to recognize this $5,000 transaction? a. Once you have earned the $5,000 what is the journal entry to record this?
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- What is the journal entry to record a $2,000 transaction if someone pays you $2,000 to perform a job? 1. What is the journal entry to record the $2,000 after you have earned it?Which Journal? If you received a check from Mr. Jones for $500 for work you performed last week, which journal wouldyou use to record receipt of the amount they owed you? What would be recorded?Purchase InvoiceFrom Repair Experts, $875 plus HST, for maintenance and repairs to the company’s equipment. what is journal?
- Suppose you have a business where you house-sit for people while they are away on vacation. Some of your customers pay you immediately after you finish a job. Some customers ask you to send them a bill. It is now 30th June and you have collected $900 from cash-paying customers. Your remaining customers owe you $1,300. How much service revenue would you have under accrual accounting?Paid $940 for monthly office cleaning. What would be the correct General Ledger Entry?Returned supplies for $1500. What is the journal entry?
- You habe a business where you babysit for people in your local area.Some of your customers pay you mimmediately after you finish a job.Some customers ask you to send them a bill.It is now the 30th June and you have collected $3,600 from cash-paying customers.Your remaining customers owe you $5,200. How much service revenue would you have under accrual accounting?Assume an employee has a meeting with a potential client. The employee spends P2,500 on airfare, P500 on Uber rides, P3,000 on a hotel, and P1,000 on meals - all charged to their own credit card. After the trip, the employee submits an expense report for the trip. The employer the issues a reimbursement check to the employee. How much is the out-of-pocket cost?1 How to do these steps in QBO? Record an owner’s contribution on 1/14/20 to Owners (a new vendor) after receiving a check that was immediately deposited in the amount: $40,000 to account: Owner’s Equity. Record the deposit of funds from a new note payable signed on 1/16/20 with Chase Bank (a new vendor) in the amount of $32,000. Record the payment to Rabobank (a new vendor) to retire an existing note payable on 1/17/20 of $23,000 with interest of $300 using check 325 for a total of $23,300. Record the purchase of a building from Leeds, Inc., (a new vendor) on 1/17/20 in exchange for a note payable of $31,800.
- Suppose you started your own landscaping business. A customer paid you $120 in advance to mow his lawn while he was on vacation. You also performed landscaping services for a local business, but the business hasn't paid you the $390 fee yet. In addition, a customer paid you $130 cash for landscaping services. Answer the following questions about the correct way to account for your revenue under accrual accounting: 1. Name the accounts used to record these events. 2. Prepare the journal entries to record the three transactions. 1. Name the accounts used to record these events. (Leave unused cells blank.) 10Can you explain how you got the $1,170 on July 31st transaction?Travel Planners, Incorporated borrowed $5,000 from First State Bank and signed a promissory note. What entry should Travel Planners record when the note is repaid?