Question

knowledge check 01
on january 5, fairbanks corporation provides services to customers for $10,000 cash. provide the journal entry for this transaction.
view transaction list
journal entry worksheet
on january 5, fairbanks corporation provides services to customers totaling for $10,000 cash.
note: enter debits before credits.

Explanation:

Step1: Identify accounts affected

When a company provides services for cash, the cash account increases (debit) and the service - revenue account increases (credit).

Step2: Determine debit and credit amounts

The amount of cash received is $10,000 and the amount of service revenue earned is also $10,000.

Answer:

Date	Account Title	Debit	Credit
	Service Revenue		$10,000