Question

(g) Provided services to a client and collected ` 30,000 jounrly entry
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Answer 1

Answer:

business can provide services in return for cash. The service is provided to the customer and payment from the customer is immediate using cash. There is no credit given to the customer for the provision of the service.

Suppose for example, the business provides services to a customer and receives immediate payment for cash for the amount of 500, then the journal entries will be as follows.

Explanation:

The accounting records will show the following bookkeeping entries for the cash received for services provided:

                       Cash received for services provided journal

                         Account      Debit         Credit

                         Cash               500  

                         Service revenue             500

                         ___________________________

                        Total                 500   500

                        _____________________________

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