Question
What is the adjusting entry to this problem on Dec 31st?
On October 15, the school agreed to teach a four-month class (beginning immediately) for an individual for $3,100 tuition per month payable at the end of the class. The services are being provided as agreed, and no payment has yet been received.
i know accounts receivable is debited and tuition fees earned is credited but i can't get the amount right!
On October 15, the school agreed to teach a four-month class (beginning immediately) for an individual for $3,100 tuition per month payable at the end of the class. The services are being provided as agreed, and no payment has yet been received.
i know accounts receivable is debited and tuition fees earned is credited but i can't get the amount right!