Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   Financial Account Basics? (https://www.askmehelpdesk.com/showthread.php?t=374802)

  • Jul 12, 2009, 03:21 PM
    mabankpanthers
    Financial Account Basics?
    If Ted purchased $100 in gasoline on credit and then went to pay the bill, how would the journal entries be listed?:eek:
  • Jul 12, 2009, 06:48 PM
    ROLCAM

    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.

    • All times are GMT -7. The time now is 09:20 AM.