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What the probable transaction would be requiring the entry

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Reference no: EM132525277

Question 1: For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Explaining that account ' x' is a debit/credit etc... is not an acceptable answer. Explanation should cover the actual transaction that occurred.

Example Question:

Utilities Expense       700

Cash                     700

  • An acceptable answer would be: Client paid current month's utility bill, asset is decreasing, and net worth is decreasing.

Accounts Receivable   8,000 debit

Services Revenue       8,000 credit

 

Reference no: EM132525277

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