Journal Entry For Services Provided On Account

A journal entry for services provided on account is an accounting term that refers to the process of recording a business transaction in the books of accounts and representing the credit side of a business transaction. In other words, it’s a way of logging expenses or revenues related to services provided by a business. The journal entry must include all relevant details such as the name of the service provider and customer, description of services provided, amount invoiced and payment terms. By accurately recording these transactions with journal entries, businesses can track their expenditure and revenue more efficiently and accurately.