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For posting the following-Sold services for $20,000 in cash and $4000 on credit do you post...

For posting the following-Sold services for $20,000 in cash and $4000 on credit do you post it as two separate transactions or only combine it to one?

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Answer #1

Answer

We gave services for cash and on credit, we can do a single or combine entry. I prefer Single entry as its saves time.

But i am going to show both cases

Separate Entry

Dr. $

Cr. $

Cash

Xxx

Service Revenue

Xxx

(Being services provided for cash)

Accounts Receivable

Xxx

Service Revenue

xxx

(Being services provided on Credit)

Combined Entry

Dr. $

Cr. $

Cash

Xxx

Accounts Receivable

Xxx

Service Revenue

Xxx

(Being services provided for cash and on Credit)

Xxx =Amount

Dear Student, if u have doubt, plz feel free to reach me.

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