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Schoolworkspace453
07.06.2020 •
Business
Suppose that on March 1, 2014 Cardullo's purchased an order of German chocolate from a supplier for $250, but didn't pay cash for the order until March 31, 2014. How would you record this transaction at the time of the purchase?
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Ответ:
Dr merchandise inventory $250
Cr accounts payable $250
Explanation:
The appropriate thing to do on the transaction date would be to recognize that $250 is being owed to the supplier from whom the German chocolate was bought by crediting accounts payable with $250 and debiting merchandise inventory with the same amount.
Upon payment on 31 March 2014,the accounts payable amount is reversed by a way of debit and cash account credited accordingly with the $250 to show an outflow of cash from the business.
Ответ: