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cheesecake
Oct 3, 2007, 10:09 AM
Oct. 30 Received payments on account from members for $4000

Under a perpetual inventory system, how would I journalize this sort of entry? I've tried the following:

Oct. 30 Accounts Payable 4000
Accounts Receivable 4000

Is this the correct answer to this? Or should the debits be to cash (assets) and the credit to AR (assets)?

CaptainForest
Oct 3, 2007, 05:18 PM
Dr. Cash 4,000
Cr. AR 4,000