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Posts Tagged ‘Would’

Working on some accounting homework; I’m not sure how to journalize the signing of a contract for an imaginary construction company. Any accounting majors out there who can tell me whether the signing of a $250,000 contract for work set to begin at a future date would be recorded in the general journal? If yes, which accounts are debited and credited? Thanks a bunch.

Working on some accounting homework; I’m not sure how to journalize the signing of a contract for an imaginary construction company. Any accounting majors out there who can tell me whether the signing of a $250,000 contract for work set to begin at a future date would be recorded in the general journal? If yes, which accounts are debited and credited? Thanks a bunch.

As my dad’s not overly astute in the financial management side of things, I agreed that I would help him out in that respect. I’m a year 11 Accounting student so we’ve covered most of small business bookkeeping. I’m just wondering which accounting method would be most appropriate (and which software).
The business I only likely (at present) to consist wholly of himself (service business). I would probably be listed as an employee in these circumstances though.