Question
In: Accounting
For each of the following transactions, determine if Raymond Corporation has earned revenue during the month...
For each of the following transactions, determine if Raymond Corporation has earned revenue during the month of May and, if so, how much it has earned.
- Customers paid Raymond $1,500 for work Raymond will perform in June.
- Customers purchased $6,000 of inventory for which they have not yet paid.
- Raymond performed work for customers and was paid $3,400 in cash.
- Customers paid Raymond $2,300 for inventory purchased in
April
Record the journal entries for above.
Solutions
Expert Solution
| Journal | |||||
| Date/S. N. | Account | Debit ($) | Credit ($) | Revenue Earned | Amount ($) |
| 1 | Cash | 1500 | No | - | |
| Unearned Revenue | 1500 | ||||
| Advance received from customer for work to be performed in June | |||||
| 2 | Accounts Receivable | 6000 | Yes | 6000 | |
| Sales | 6000 | ||||
| To recognize revenue earned but not yet paid by customer | |||||
| 3 | Cash | 3400 | Yes | 3400 | |
| Service Revenue | 3400 | ||||
| Collected Cash for work performed | |||||
| 4 | Cash | 2300 | No | - | |
| Accounts Receivable | 2300 | ||||
| Received from Customer against sale of inventory in April | |||||
| Total Revenue Earned in May month | 9400 |
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Type of
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Date
Account Titles and Explanation
Debit
Credit
Dec. 1...
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Cash Flow
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