Question

Record journal entry: Accommodation revenue was 82,994;81,855 was paid by the guests in cash and the rest was owed on account. What is the journal entry for this transaction?

Answer 1

The journal entry for the transaction would be a debit to Cash and Accounts Receivable, and a credit to Accommodation Revenue.

Step-by-step explanation:

The journal entry for the transaction described is as follows:

• Debit: Cash - $81,855
• Debit: Accounts Receivable - $1,139 (82,994 - 81,855)
• Credit: Accommodation Revenue - $82,994

This entry reflects the payment made by the guests in cash, as well as the amount owed on account. A debit is made to Cash for the amount received, a debit is made to Accounts Receivable for the amount owed, and a credit is made to Accommodation Revenue for the total revenue earned.