Bravo Unlimited provided accounting services, valued at $7,500, to its clients during the month of January 2016. Formal bills are sent to clients during the first week following the month in which services are provided. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

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29 March, 08:23

Bravo Unlimited provided accounting services, valued at $7,500, to its clients during the month of January 2016. Formal bills are sent to clients during the first week following the month in which services are provided. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

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Yosef Davies · Answer 1

Dr. Cr.

Account Receivable $7,500

Accounting Service fee $7,500

Revenue must be recorded when goods are delivered or services been performed. According to Accrual accounting revenue and expenses should be recorded when they are incurred. you should not wait for the payment / receipt of cash.