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    cheesecake's Avatar
    cheesecake Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 3, 2007, 10:09 AM
    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)?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Oct 3, 2007, 05:18 PM
    Dr. Cash 4,000
    Cr. AR 4,000
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