Answered: The receipt of $8,400 for services…

Business

Accounting

The receipt of $8,400 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 2.7C

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

The receipt of $8,400 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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