financial accounting help... again

jthetalkingtaco · #1 Jan 29, 2006, 01:33 PM

acouple more T account question...

paid $200 of amount purchased on credit on C. (c was purchased repair supplies on credit, $500).

accepted cash for repairs completed, $1,860

thank you

CaptainForest · Jan 29, 2006, 08:18 PM

1) paid $200 of amount purchased on credit on C. (c was purchased repair supplies on credit, $500).

Dr. Accounts Payable 200 (add 200 to the left side)
Cr. Cash 200 (add 200 to the right side)

2) accepted cash for repairs completed, $1,860
Dr. Cash 1860 (add 1860 to the left side)
Cr. Revenue 1860 (add 1860 to the right side)



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