"Merchandise was sold on credit for R9000. The goods were originally bought for R6000". Is this an asset,liability or owners equity?
![]() |
"Merchandise was sold on credit for R9000. The goods were originally bought for R6000". Is this an asset,liability or owners equity?
Your accounts will be: Merchandise Inventory (Asset), Accounts Receivable (Asset), Cost of Goods Sold (Income Statement which flows through to Owners Equity), and Sales Revenue Income Statement which flows through to Owners Equity).
All times are GMT -7. The time now is 12:50 PM. |