What are the 2-dual entry effects of billing client? What are the 2-dual entry effects of...

What are the 2-dual entry effects of billing client?

What are the 2-dual entry effects of receiving bill?

What are the 2-dual entry effects of unearned revenue?

Expert Solution

*Dual effect of billing client*

*Entry*
Accounts name and Explanation	Debit	Credit
Accounts Receivable	xxx
Sales Revenue		xxx
*(To record billing to client)*

*Explanation*
It affects two accounts, it increase the accounts receivable and also increase the Sales Revenue

*Dual effect of receiving bill*
Accounts name and Explanation	Debit	Credit
Purchase	xxx
Accounts Payable		xxx
*(To record bill received)*

*Explanation*
It increase the Purchase account and also increase the Accounts Payable

*Dual effect of Unearned Income*
Accounts name and Explanation	Debit	Credit
Cash	xxx
Unearned income		xxx
*(To record unearned Income)*

*Explanation*
Unearned income is liability, here, Cash is increased and unearned income (liability) also increased.
later after the income is earned then unearned income is debited and Sales revenue is credited.

ekkarill92 answered 1 year ago

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