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lets say for example you are recording the following activities taken place during the month of Febuary for EBN sports. ex. Recieved 2,851 cash from
lets say for example you are recording the following activities taken place during the month of Febuary for EBN sports. ex. Recieved 2,851 cash from Andeavor as an advance on a company party held in march. the correct journal entry would be Cash 2,851 Accounts recieveable 2,851 my question is that it would be accounts recieveable right and not deferred revenue right ? because they recieved the payment in advance? even though it is being held in march? also, would that also be counted as a net increase in Febuary as well ? please get back to me, I am trying to comprehend. thank you.
ex. Recieved 2,851 cash from Andeavor as an advance on a company party held in march.
the correct journal entry would be
Cash 2,851
Accounts recieveable 2,851
my question is that it would be accounts recieveable right and not deferred revenue right ? because they recieved the payment in advance? even though it is being held in march?
also, would that also be counted as a net increase in Febuary as well ?
please get back to me, I am trying to comprehend. thank you.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
