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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