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)?
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)?