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    mabankpanthers's Avatar
    mabankpanthers Posts: 1, Reputation: 1
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    #1

    Jul 12, 2009, 03:21 PM
    Financial Account Basics?
    If Ted purchased $100 in gasoline on credit and then went to pay the bill, how would the journal entries be listed?:eek:
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Jul 12, 2009, 06:48 PM

    1) Debit Gasoline Account $100
    Credit CALTEX Ltd Account $100

    Being gasoline purchased on credit.

    2) Debit CALTEX Ltd Account $100
    Credit Bank Account $100.

    Being payment to CALTEX Ltd.

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