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10 September, 07:00

Like A Wrecking Ball is a demolition company. At the end of a project, they presented their client with an invoice for $18,000 and immediately received a check for the full amount. What is the journal entry to record this receipt?

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  1. 10 September, 07:27
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    The journal entry is shown below:

    Cash A/c $18,000

    To Service revenue A/c $18,000

    (Being the receipt is recorded)

    For recording this transaction, we debited the cash account as cash is received and credited the service revenue as service is provided. These both transactions are recorded for $18,000 so that correct posting could be done.
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