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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?

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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 )

ekkarill92 answered 1 year ago
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