Question
In: Accounting
A service enterprise performs services in the amount of $500 for a customer in May and...
A service enterprise performs services in the amount of $500 for a customer in May and receives payment in June. In which month is the $500 of revenue recognized? What is the journal entry to be made in May and the entry to be made in June?
Solutions
Expert Solution
| Revenue is realized when it is earned in the given question | |||||||
| revenue $500 is recognized in the month of may when it is earned & receive payment in june | |||||||
| particulars | Debit | Credit | |||||
| may- accounts receivable a/c Dr | $ 500.00 | ||||||
| to service revenue | $ 500.00 | ||||||
| ( being service revenue earned but not received) | |||||||
| june - cash a/c Dr | $ 500.00 | ||||||
| to accounts receivable | $ 500.00 | ||||||
| (Being collection from accounts receivable ) | |||||||
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