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  • Module - 5 Financial Accounting Assignment

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    Morassa Chona
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    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.

    Original Description:

    it describes Debits and credits in financial management.

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    Module _5 Financial Accounting Assignment

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    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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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    13 views2 pages

    Module - 5 Financial Accounting Assignment

    Uploaded by

    Morassa Chona
    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.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    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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