How do I post these transactions to an accounting general ledger?

Question

1.To account for expenses (John’s Deli) in the amount of $1,500 incurred during the first six months of operations, but paid in the second six months.

2.To account for $1,750 in fees from parents earned in the first six months of operations, but collected in the second six months.

3.To account for $3,000 in parent fees earned in the second six months of operations, but not yet collected.

I have these answers. Am I correct?

1.debit expense, credit cash

2.debit act. receivable, credit revenue

3.debit act. receivable, credit revenue

Thank you!

Answer 1

It depends on where you are in time. Assuming you are now at the end of the second six months:

1.To account for expenses (John’s Deli) in the amount of $1,500 incurred during the first six months of operations, but paid in the second six months

Dr  Accounts payable $1,500

Cr  Cash $1,500

2.To account for $1,750 in fees from parents earned in the first six months of operations, but collected in the second six months

Dr  Cash $1,750

Cr  Accounts receivable $1,750

3.To account for $3,000 in parent fees earned in the second six months of operations, but not yet collected

Dr  Accounts receivable $3,000

Cr  Fees revenue $3,000