On july 1, cooper corporation received $20,000 from smith industries in exchange for services performed. what accounting entries should cooper make to record this event, and why

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01-06-2018
Business

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On july 1, cooper corporation received $20,000 from smith industries in exchange for services performed. what accounting entries should cooper make to record this event, and why

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Darvinos Darvinos · Answer 1 · 2018-06-10T12:57:37+02:00

It is given that on July 1, Cooper Corporation received $20,000 from Smith Industries in exchange for services performed. The accounting entries that Cooper Corporation should make to record this event is:

Cash $20,000
Service Revenue $20,000

It is because Cooper Corporation received a service made by the
Smith Industries, thus it increased the cash or debited the cash account and there is increase on its income (credit side).