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jmmichael
Mar 18, 2014, 01:38 PM
How would I record:

We normally would purchase $30,000 worth of parts from our vendor. This vendor is also a customer. We have agreeded to have us provide repair services for $30,000, making this an even exchange of goods/service.

How would I record?

Fidget1
Mar 18, 2014, 03:05 PM
Which accounting standards are you using? Sounds like you're bascially trying to offset which is generally a no can do, except in certain situations.

jmmichael
Mar 18, 2014, 03:46 PM
GAAP