journal entry worksheet\non october 15, wti agreed to teach a four - month class (beginning immediately) for…

journal entry worksheet\non october 15, wti agreed to teach a four - month class (beginning immediately) for an executive with payment due at the end of the class. at december 31, $10,298 of the tuition revenue has been earned by wti.\nnote: enter debits before credits.\ntransaction general journal debit credit

journal entry worksheet\non october 15, wti agreed to teach a four - month class (beginning immediately) for an executive with payment due at the end of the class. at december 31, $10,298 of the tuition revenue has been earned by wti.\nnote: enter debits before credits.\ntransaction general journal debit credit

Answer

Explanation:

Step1: Identify the accounting principle

Revenue recognition principle requires revenue to be recognized when earned.

Step2: Determine the accounts involved

The tuition revenue has been earned but not yet received, so we debit Accounts Receivable and credit Tuition Revenue.

Transaction General Journal Debit Credit
1 Accounts Receivable $10,298
Tuition Revenue $10,298

Answer:

Transaction General Journal Debit Credit
1 Accounts Receivable $10,298
Tuition Revenue $10,298