Help on journey entry

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Hi all. How do I key in the journey for the following in the journal entry
On 18 December, a customer paid the company a deposit of $830 for an item to be delivered in Jan 20X9. The account clerk recorded the $830 as a debit to cash and a $830 credit to revenue.

The list of account I have is attached to the post below. Also if i were to an adjusting on my trial balance am I able to add on "insurance expenses" under the account?
 
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kirby

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Let's think through this. You received cash. That is a debit to Cash so that part of the original entry is OK. The clerk recorded the offset as "revenue" . However, you will not perform the services until a future time. So, what is the best way to report the credit side of the entry?
 
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do I credit it to unearned revenue? sorry im very new to accounting
 

Drmdcpa

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This is not a service transaction. It is a merchandising transaction; "item to be delivered Jan..."

I do not see unearned revenue in the chart of accounts. But it is not the one I would choose anyway. The one I would choose is also not listed in the chart of accounts. The one I would choose is the same type of account as unearned revenue.

What did you recieve aside from cash? What happens if you cannot or do not ship the item in Jan?
 
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the question didnt specify what else they received or what happens if items cant be shipped.

hence my second question would be am i allowed to add more account under the account listing
 

Drmdcpa

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The question clearly states what else was recieved.

I do not know if you can add accounts. That would also usually be part of the question.
 
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Thank you for all your help. I am able to add account according to my lecturer. However i met with another problem. im unable to balance my account at statement of financial statement. As attached is my adjusted trial balance & statements. Cant seems to work it out. I'm suspecting it got to do with my comprehensive income. Do point out any errors I have. Thank you so much guys!
 

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^ if my comprehensive income equate to 23,740, i'm able to balance the account
 

Drmdcpa

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I think you need to spend some time in a study group or office hours with your instructor.
 

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