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Final Accounts Assignment Overview

This document contains journal entries for accounts receivable. It includes entries for when an invoice is created, an account receivable is assigned, cash is received from a customer against an assigned receivable, interest is charged on a cash advance, and when the cash advance and interest are paid off. The document provides debit and credit account names and amounts for 5 different journal entries related to accounts receivable transactions.

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Morassa Chona
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45 views2 pages

Final Accounts Assignment Overview

This document contains journal entries for accounts receivable. It includes entries for when an invoice is created, an account receivable is assigned, cash is received from a customer against an assigned receivable, interest is charged on a cash advance, and when the cash advance and interest are paid off. The document provides debit and credit account names and amounts for 5 different journal entries related to accounts receivable transactions.

Uploaded by

Morassa Chona
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Morassa Chona

SOB1030 Financial Accounting


Module_5 Assignment
Dr. Shelly Baker
May,2022
23rd October, 2022

Account Receivable Journal Entries

Account Name Debit (Dr) Credit (Cr)


Accounts receivable 50,000
Revenue 50,000
invoice creation journal

Account Name Debit (Dr) Credit (Cr)


Assigned accounts receivable 50,000
Accounts receivable 50,000
From accounts receivable to assigned accounts receivable

Account Name Debit (Dr) Credit (Cr)


Cash 39,500
Assignment fees 500
Note Payable 40,000
Cash advance less fee received

Account Name Debit (Dr) Credit (Cr)


Cash 6,000
Assigned accounts receivable 6,000
Cash received from customers

Account Name Debit (Dr) Credit (Cr)


Interest 395
Note payable 395
Monthly interest for cash advance
Account Name Debit (Dr) Credit (Cr)
Cash 6,395
Note payable 6,395
Cash and interest both paid

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