JournaldrillCollecting a receivable
A journal entry exercise from Journaldrill. Solve it with an account picker and debit and credit fields in your browser, and it is checked the moment you submit.
The task
Northwind Consulting billed a client $2,600 for a project completed last month. Today the client pays the invoice in full by check.
What this exercise teaches
Cash increases and is debited. The client no longer owes the business, so Accounts Receivable is credited. Crediting Service Revenue again would count the same revenue twice.
A hint if you get stuck
The revenue was recorded when the invoice went out, so today one asset simply replaces another.
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