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    jmmichael's Avatar
    jmmichael Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 18, 2014, 01:38 PM
    Trading Goods and Services
    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's Avatar
    Fidget1 Posts: 105, Reputation: 4
    Junior Member
    		  
    #2

    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's Avatar
    jmmichael Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Mar 18, 2014, 03:46 PM
    GAAP
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