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General Accounting Discussions: need help

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    I have to journalize transactions and the two transactions read paid 700 for supplies previously purchased on account and performed advisory services on account for 6800. The way I journalized them is as follows

    May 4th accounts payable debit 700 and cash credit 700
    May 7th accounts receivable debit 6800 and cash credit 6800

    Is this right I am horrible at accounting can someone help
    • CommentAuthorshruti
    • CommentTimeJul 26th 2011
     
    hi, mail me on ehomeworksolution@yahoo.in i can help u.

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