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mabankpanthers
Jul 12, 2009, 03:21 PM
If Ted purchased $100 in gasoline on credit and then went to pay the bill, how would the journal entries be listed?:eek:
ROLCAM
Jul 12, 2009, 06:48 PM
1) Debit Gasoline Account $100
Credit CALTEX Ltd Account $100

Being gasoline purchased on credit.

2) Debit CALTEX Ltd Account $100
Credit Bank Account $100.

Being payment to CALTEX Ltd.