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Jon L. Stuart, CPA requires a 10% deposit from all new clients. The required deposit for one of Stuart's new clients is $1,200. The client pays the amount on March 31.
What is the entry to record the receipt on March 31?
Select one:
A. DR Accounts receivable 1,200; Credit Revenue 1,200
B. DR Cash 1,200; CR Accounts receivable 10,800; CR Unearned revenue 12,000
C. DR Cash 1,200, DR Accounts receivable 10,800; CR Revenue 12,000
D. DR Cash 1,200; CR Unearned revenue 1,200

Respuesta :

I believe its A. DR Accounts receivable 1,200; Credit Revenue 1,200 \
abiolataiwo2015

The appropriate journal entry to record the receipt on march 31 is: D. DR Cash 1,200; CR Unearned revenue 1,200.

Journal entry

Since the deposit for one of Stuart's new clients is the amount of $1,200. The correct journal entry to record this transaction is:

March 31

Debit Cash 1,200

Credit Unearned revenue 1,200

(To record receipt)

Inconclusion the appropriate journal entry to record the receipt on march 31 is: D. DR Cash 1,200; CR Unearned revenue 1,200.

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