Hi Steffan,
Yes. You are right. It does seem strange. I have put 1 example below.
Please see and advise how would you write this in your ledger.
Hi Rick,
See below.
Thats a chart I am trying to follow
Balance Sheet
Assets : Cash, Account Recievables, Supplies, Equipments,
Cost_of_Goods
Liability : Notes Payable, Account Payable, Wage Payable,
UnEarnedRevenue
Equity : Common Stock, Retained Earnings,
Income Statement
Revenue : Service Revenue , Investment Revenue
Expenses : Wage Expenses, Rent, Depreciation Expenses etc.
Example of UnearnedRevenue:
So for example the cash advance of 6 months (without making any delivery)
he will have a cash reciept of 600 but no revenue.
He only earns his revenue (by making delivery)
It will be:
Assets:Cash $600 but also in his Liability there will be $600 which will be
Liability:UnEarnedRevenue $600
Each month he delivers there will be a addition into the Serviced Revenue
account.
Which will show the income statement to increase by $100 .
Wouldnt this entry above look like this in ledger:-
Assets:Cash $600
Liability:UnearnedRevenue $600
Or how would you write this into your ledger. I am most likely doing to
wrong.
On Thursday, May 7, 2015 at 4:52:16 PM UTC+7, Kev Lau wrote:
>
> Hi,
> I am still having difficulties with coming up with a proper mean of using
> a ledger for my business. I am hoping that someone here could see my Ledger
> and tell me if it looks sound. I don't want to make alot of entries and
> later realize I have been doing it wrong. I have read some material on
> accounting and feel that I understand how to make entries(but not sure how
> well I am organized and structured)
>
> Below is a sample of my hypothetical testing ledger. If you could have a
> look and give me some advise/tips I would deeply appreciate it.
>
>
>
> #GENERAL_ELECTRIC:ASSETS:CASH:CITIBANK US$-12,998.06 ;cash
> recd, debit to cash acct.
> #GENERAL_ELECTRIC:LIABILITIES:ACCOUNT_PAYABLE:VENTURE_ENTERPRISE US$
> 12,998.06
>
> #GENERAL_ELECTRIC:EXPENSES:BANK:CITBANK:FEES US$-19.35 ;cash paid out
> credit to cash acct.
> #GENERAL_ELECTRIC:EXPENSES:BANK:CITIBANK:FEES US$-77.41 ;cash paid
> out credit to cash acct.
> #GENERAL_ELECTRIC:ASSETS:BANK:CASH
>
> #GENERAL_ELECTRIC:ASSETS:CASH:CITIBANK US$-4,998.06
> #GENERAL_ELECTRIC:LIABILITIES:ACCOUNT_PAYABLE:VENTURE-ENTERPRISE US$
> 4,998.06
>
> #GENERAL_ELECTRIC:EXPENSES:BANK:CITIBANK:FEES US$-34.19
> #GENERAL_ELECTRIC:EXPENSES:COST_OF_GOODS_SOLD:TRIA_SOLAR:INV004
> US$-12,000.00
> #GENERAL_ELECTRIC:EXPENSES:BANK:CITIBANK:FEES US$-34.19
> #GENERAL_ELECTRIC:EXPENSES:COST_OF_GOODS_SOLD:DYNO_WORKS:INV004
> US$-3,808.00
> #GENERAL_ELECTRIC:ASSETS:CASH:CITIBANK
>
> #GENERAL_ELECTRIC:REVENUE:SALES:MICROSOFT:INV004
>
> US$6,000.00
> #GENERAL_ELECTRIC:ASSETS:RECEIVABLES:INV004
> US$-6,000.00
>
>
>
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