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In recording 400 fees earned on account during a single month how many times will it be necessary to write Fees Earned a if each transaction including fees earned is recorded individually

In recording 400 fees earned on account during a single month, how many times will it be necessary to write Fees Earned

(a) if each transaction, including fees earned, is recorded individually in a two-column general journal;

 

Here is a tip:

To identify if it needs to be written as an account title based on the number of transactions it has, you may check what journal set up the company is using. If the company had set up a two-column journal and a special journal, identify if the account title has a kind of transaction that occurs seldomly or frequently. If the transaction happens infrequently, you may use a two-column journal. But if it happens daily, weekly or on a regular basis, it is suggested to use the special journal. 

 

(b) if each transaction for fees earned is recorded in a revenue journal?

 

Here is a tip:

It is not efficient to write the account title based on the number of transactions if they happen frequently. Use of special journal to record such transaction is a much better way to save time and produce a more reliable and easy-to-use report.

Apr 12 2021 View more View Less

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