Prepare a Journal Entry on October 12 for the Fees

question 193

Essay

Prepare a journal entry on October 12 for the fees earned on account, $14,600.

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Definitions:

Financing Activity

Activities that result in changes in the size and composition of the equity capital or borrowings of the entity.

Operating Activity

Transactions and events that are directly involved in the primary operations of a business, such as sales and service revenue, and associated costs.

Change In Cash

The difference in a company's cash balance over a specified period, resulting from its operating, investing, and financing activities.

Stock Market

The stock market is a collection of markets and exchanges where the buying, selling, and issuance of shares of publicly-held companies occur.