Question
9/10 Your first client, Red Fische, came in today needing assistance with filing the appropriate paperwork to start his new seafood restaurant. You issued invoice
9/10 Your first client, Red Fische, came in today needing assistance with filing the appropriate paperwork to start his new seafood restaurant. You issued invoice #1 to Red Fische and he paid you an initial $3,000 Engagement Fee. Red Fische also agreed to contract with you to provide accounting services for $3,000 per month.
9/10 Your first client, Red Fische, came in today needing assistance with filing the appropriate paperwork to start his new seafood restaurant. You issued invoice #1 to Red Fische and he paid you an initial $3,000 Engagement Fee. Red Fische also agreed to contract with you to provide accounting services for $3,000 per month.
9/30 Mandi sent pro-rated invoices, #3 & #4, to Red Fische and Cooking For You for Monthly Accounting Services. The payment terms are 1/10, net 30.
10/5 Igotta Troubles came to your office looking for assistance with cleaning up her accounting problems. You agree to assist her and agree upon an Engagement Fee of $3,000 plus an hourly charge of $300 for Hourly Accounting Services to be billed on the 15th and 30th of each month with payment due in 15 days. Igotta writes you a check for the engagement fee in the amount of $3,000 in payment of invoice #5.
10/7 You received a check from Red Fische in full payment of invoice #3.
10/14 You sent invoice #6 to Igotta Troubles for 25 hours of Hourly Accounting Services, terms 1/10, n30.
10/20 You received a check from Cooking For You in full payment of Invoice #4.
10/31 You sent the following invoices, terms 1/10, net 30:
#8 to Igotta Troubles for 10 hours of Hourly Accounting Services
#9 to Red Fische for Monthly Accounting Services, and
#10 to Cooking For You for Monthly Accounting Services.
11/6 You receive a $7,000 check from Igotta Troubles in partial payment of invoice #6.
11/7 You received full payment of invoice #10 from Cooking For You.
11/12 You received full payment of invoice #9 from Red Fische.
11/15 You sent invoice #11 to Igotta Trouble for 20 hours of Hourly Accounting Services.
11/30 You sent the following invoices, terms 1/10, net 30:
#13 to Igotta Troubles for 20 hours of Hourly Accounting Services
#14 to Red Fische for Monthly Accounting Services, and
#15 to Cooking For You for Monthly Accounting Services.
I need the journal entries and calculations (if possible) for transactions.
The Chart of Account entries are: Cash, Accounts Receivable, Sales Discounts, Monthly Accounting Services Revenue and Hourly Accounting Service Revenue. Thank you.
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