So far off topic, I know. It's been 12 years since I last took an accounting class and I'm trying to create books for my dodgeball team. When it comes to team fees I know one credit will be an Account Payable to the league. what would be the balancing debit? An unpaid league fee revenue account? but, when it's paid I credit cash, debit the A/P then what? credit Unpaid fees and debit a league fee expense account? but that leaves the question on what I was debitting/creditting initially... As I signed people up for dodgeball I debited Accounts Receivable and creditted league fees. does the credit STAY in league fees balanced out by the eventual league fee expense?
to top it all off, i'm trying to do all this in excel. BRUTAL, I know.