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View Full Version : Financial accounting help... Again


jthetalkingtaco
Jan 29, 2006, 02:33 PM
Acouple more T account question...

Paid $200 of amount purchased on credit on C. (c was purchased repair supplies on credit, $500).

Accepted cash for repairs completed, $1,860

Thank you

CaptainForest
Jan 29, 2006, 09:18 PM
1) paid $200 of amount purchased on credit on C. (c was purchased repair supplies on credit, $500).

Dr. Accounts Payable 200 (add 200 to the left side)
Cr. Cash 200 (add 200 to the right side)

2) accepted cash for repairs completed, $1,860
Dr. Cash 1860 (add 1860 to the left side)
Cr. Revenue 1860 (add 1860 to the right side)