Licenses and fees in the amount of 90000 were collected, Accounting Basics

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Licenses and fees in the amount of 90000 were collected

Problem

Licenses and fees in the amount of $90,000 were collected. (Journal entry completed by instructor--- SEE JOURNAL ENTRY SECTION BELOW) - You are required to explain each line of the journal entry and related financial statement impact.

Cash 90,000
Revenue 90,000

Explain each line of the journal entry and related financial statement impact.

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Accounting Basics: Licenses and fees in the amount of 90000 were collected

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Accounting Basics: Licenses and fees in the amount of 90000 were collected

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