estudiant
Sep 24, 2009, 07:55 PM
if i sold a boat for $10000 on account to be paid within 60 days, but the total amount of the transaction was $15000, would i debit A/R for 15k and credit sales revenue for 10k and interest receivable for 5k?
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estudiant Sep 24, 2009, 07:55 PM if i sold a boat for $10000 on account to be paid within 60 days, but the total amount of the transaction was $15000, would i debit A/R for 15k and credit sales revenue for 10k and interest receivable for 5k? Addi38 Sep 24, 2009, 08:48 PM Do you sell boats or is it part of your assets? morgaine300 Sep 24, 2009, 10:35 PM And what does "amount of transaction" mean? If you sold it for $10,000, isn't that the amount of the transaction? And where is interest coming from? There's nothing to imply interest. I don't get it. PLEASE state the problem EXACTLY as it is given to you and don't try to paraphrase it. Copyright ©2005-, Ask Me Help Desk
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