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

    Jan 29, 2006, 02:33 PM
    Financial accounting help... again
    Acouple more T account question...

    Paid $200 of amount purchased on credit on C. (c was purchased repair supplies on credit, $500).

    Accepted cash for repairs completed, $1,860

    Thank you
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Jan 29, 2006, 09:18 PM
    1) paid $200 of amount purchased on credit on C. (c was purchased repair supplies on credit, $500).

    Dr. Accounts Payable 200 (add 200 to the left side)
    Cr. Cash 200 (add 200 to the right side)

    2) accepted cash for repairs completed, $1,860
    Dr. Cash 1860 (add 1860 to the left side)
    Cr. Revenue 1860 (add 1860 to the right side)
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