http://sgforums.com/forums/2297/topics/316490 en-US 60 <p>I see "Fees earned" itself is a revenue a/c.</p> Sat, 10 May 2008 00:46:30 +0800 sgforums.com:2297:316490:8074764 Darkness_hacker99 http://sgforums.com/forums/2297/topics/316490 <p>Step 1 :<br /> Dr Fees Earned 7,000<br /> &nbsp; Cr Cash 7,000</p> <p><br /> Step 2 :<br /> Dr Cash 7,000<br /> &nbsp; Cr Accounts receivable 6,000<br /> &nbsp; Cr Fees earned 1,000<br /> <br /> OR<br /> Dr Fees earned 6,000<br /> &nbsp; Cr Accounts receivable 6,000<br /></p> Tue, 06 May 2008 23:03:00 +0800 sgforums.com:2297:316490:8066909 Y_Shun http://sgforums.com/forums/2297/topics/316490 <blockquote> <div class="quote_from">Originally posted by maurizio13:</div> <div class="quote_body"> <p>what is the y/e?</p> <p>&nbsp;</p> <p>d) Services rendered to customer from June to Dec 2004, shouldn't there be a debtors account?</p> <p>If sales was recorded before with an existing Debtors a/c, then crediting Fees Earned would have resulted in recording the Sales twice.</p> <p>&nbsp;</p> <p>Mr Seow should have posted:</p> <p>Cr Debtors $7,000</p> <p>Dr Cash $7,000</p> <p>&nbsp;</p> <p>Journal Entry to Correct:</p> <p>Cr Debtors $7,000</p> <p>Dr Fees Earned $7,000</p> <p>&nbsp;</p> </div> </blockquote> <p>Right...</p> Mon, 05 May 2008 16:31:55 +0800 sgforums.com:2297:316490:8063172 Darkness_hacker99 http://sgforums.com/forums/2297/topics/316490 <p>what is the y/e?</p> <p>&nbsp;</p> <p>d) Services rendered to customer from June to Dec 2004, shouldn't there be a debtors account?</p> <p>If sales was recorded before with an existing Debtors a/c, then crediting Fees Earned would have resulted in recording the Sales twice.</p> <p>&nbsp;</p> <p>Mr Seow should have posted:</p> <p>Cr Debtors $7,000</p> <p>Dr Cash $7,000</p> <p>&nbsp;</p> <p>Journal Entry to Correct:</p> <p>Cr Debtors $7,000</p> <p>Dr Fees Earned $7,000</p> <p>&nbsp;</p> Mon, 05 May 2008 10:06:12 +0800 sgforums.com:2297:316490:8062347 maurizio13 http://sgforums.com/forums/2297/topics/316490 <p>thanks. that means i got c) correct.</p> <p>&nbsp;</p> <p> haha&nbsp;d)&nbsp;seemes&nbsp;to&nbsp;be&nbsp;very&nbsp;chim...</p> Mon, 05 May 2008 09:27:13 +0800 sgforums.com:2297:316490:8062307 Y_Shun http://sgforums.com/forums/2297/topics/316490 <p>Part (c)<br /> <br /> Dr Drawings $5,000<br /> Cr Capital $5,000.<br /> <br /> Explanation: Let's take a look at the Drawing part first. When you draw an amount, the entry which you will record is debit Drawings a/c&nbsp;&nbsp; and&nbsp; credit Cash a/c. But instead of debiting to Drawings a/c, Mr.seow mistakenly debited into Capital a/c. So you'll need to Credit the Capital a/c, and debit the Drawings a/c to make it right.<br /> <br /> <br /> <br /> Part (d) Looked correct leh the question..&nbsp; Unless you want the next step (Transfer to P&amp;L)<br /> <br /> Dr Fees Earned $7,000Cr P&amp;L $7,000</p> Mon, 05 May 2008 01:00:10 +0800 sgforums.com:2297:316490:8061981 Darkness_hacker99 http://sgforums.com/forums/2297/topics/316490 <p>Prepare the correcting entries for the below transactions:</p> <p><strong>c) Drawings of $5,000 by the owner, Mr. Seow was posted as a debit of $5,000 to Capital and a credit of $5,000 to Cash.</strong></p> <p>My Ans:<br /> <br /> Error:<br /> Dr Capital $5, 000<br /> Cr Cash $5, 000<br /> <br /> Dr Cash $5,000<br /> Cr Capital $5,000<br /> <br /> ???<br /> Dr Drawings $5000<br /> Cr Capital $5, 000<br /></p> <p>&nbsp;</p> <p><strong>d) On 30 Dec 2004, Mr. Seow received $7,000 from a customer for services rendered from June to Dec 2004, each month amounting to $1,000.<br /> <br /> &nbsp;Mr Seow posted the full amount as a debit to Cash and a credit Fees Earned accounts on 31 Dec 2004. &nbsp;</strong><br /></p> Sun, 04 May 2008 22:14:40 +0800 sgforums.com:2297:316490:8061461 Y_Shun http://sgforums.com/forums/2297/topics/316490