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  • Jul 8, 2012, 06:18 AM
    nepo32
    Answer accounting problem
    Purchased photo equipment at a cost of 105000 from camera works .she paid 1/3 and promised to pay the balance at the end of the month,
    How much is the balance?
  • Jul 8, 2012, 10:07 AM
    ArcSine
    2/3.
  • Jul 8, 2012, 10:33 AM
    pready
    A simple way to figure out your ammounts is to do a journal entry for the transaction:

    Debit Photo Equipment for 105,000
    Credit Cash for an amount that is equal to 105,000 * 1/3
    Credit Accounts Payable for an amount that is equal to 105,000 * 2/3

    Debits must equal credits, so (1/3 * 105,000) + (2/3 * 105,000) should equal 105,000

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