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    nepo32's Avatar
    nepo32 Posts: 1, Reputation: 1
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    #1

    Jul 8, 2012, 06:18 AM
    Answer accounting problem
    Purchased photo equipment at a cost of 105000 from camera works .she paid 1/3 and promised to pay the balance at the end of the month,
    How much is the balance?
    ArcSine's Avatar
    ArcSine Posts: 969, Reputation: 106
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    #2

    Jul 8, 2012, 10:07 AM
    2/3.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Jul 8, 2012, 10:33 AM
    A simple way to figure out your ammounts is to do a journal entry for the transaction:

    Debit Photo Equipment for 105,000
    Credit Cash for an amount that is equal to 105,000 * 1/3
    Credit Accounts Payable for an amount that is equal to 105,000 * 2/3

    Debits must equal credits, so (1/3 * 105,000) + (2/3 * 105,000) should equal 105,000
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