Fleming corp. provided services on account. The transaction would be recorded with a credit to service revenue. The transaction will also be recorded on the accounts receivable ledger as well. Service revenue is an account used in accrual accounting that reports fee income that a company earns during a specific time frame. Accounts receivable is an account that shoes money that is owed to a company by its debtors.
Human resources (HR) professionals are responsible for strategically managing employees within an organization while remaining compliant with laws that govern employee rights and employer obligations. If an organization violates these complex and ever-changing regulations, it exposes itself to risk, including lawsuits, financial losses, and reputation damage.
Since non-compliance can result in such serious consequences, there is a strong demand for industry workers who possess knowledge of HR laws and common legal issues in the workplace.
Answer:
DR Cash $599,000
CR Notes Payable $599,000
Explanation:
As this is the entry for the issuance of the note, interest will not be recorded as it is incurred as during the loan period.
Entry will be;
Date Details Debit Credit
Jan 1 Cash 599,000
Notes Payable 599,000
