Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   Journalzing Under Perpetual (https://www.askmehelpdesk.com/showthread.php?t=136617)

  • Oct 3, 2007, 10:09 AM
    cheesecake
    Journalzing Under Perpetual
    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)?
  • Oct 3, 2007, 05:18 PM
    CaptainForest
    Dr. Cash 4,000
    Cr. AR 4,000

  • All times are GMT -7. The time now is 09:50 AM.