B sold goods to A for $2 000. A paid his account one month later. What is the correct entry in B’s books to record the payment by A?
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B sold goods to A for $2 000. A paid his account one month later. What is the correct entry in B’s books to record the payment by A?
Debit Cash for the amount received
Credit Accounts Receivable for the amount received
Please help me: thankssssssssssssssss
The buiness trades under the name of the footy emporiumn and uses a perpetual inventory system to accoount for its inventory. The business was registered for GST. All credit sales are made on the folllowing terms: 2/10, n/30.
Transations
June 1 hayes invested $160 000 cash and $42000 of store equipment into the business. The store equipment is to be depreciated evenly over 7 years.
June 2 purchased an inventory of souvenir footy shirts from B . JUDD on credit for 48000 plus GST, terms, 2/15, n/30
June 4 purchased additional inventory of footy shirts from Hall Enterprises on credit for $33000 plus GST, terms, n/30
The first transaction:
Debit Cash for the amount of cash received
Credit Equipment for the amount of equipment
Credit Hayes, Capital for the total amount of investment
For the other two transactions:
Debit Inventory for the amount
Credit Accounts Payable for the amount
For the second transation, are you require to calculate the GST?Quote:
Originally Posted by pready
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