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26 December, 17:09

On july 1, cooper corporation received $20,000 from smith industries in exchange for services performed. what accounting entries should cooper make to record this event, and why

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  1. 26 December, 17:34
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    It is given that on July 1, Cooper Corporation r eceived $20,000 from Smith Industries in exchange for services performed. The accounting entries that Cooper Corporation should make to record this event is:

    Cash $20,000

    Service Revenue $20,000

    It is because Cooper Corporation received a service made by the

    Smith Industries, thus it increased the cash or debited the cash account and there is increase on its income (credit side).
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