Question

Notified by Alex's Engineering Co that Success's bid of $9000 on a proposed project has been accepted. Alex's paid a $2500 cash advance to success systems.


My question is how am i going to put or write this transaction on journal entry? Do i just ignore 9000 and write 2500 cash debit and revenue. or do i include 9000? thank you in advance

Answer 1

You also need to do an entry for the difference of 6500.

Answer 2

do i record it in accounts receivable and revenue?

Answer 3

debit accounts recievable for 9000
credit sales revenue 9000

debit cash 2500
credit accounts recievable 2500