How to enter this transaction in books of accounts?, Accounting Basics

Assignment Help:

My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order gets shipped. How to enter this transaction in books of accounts?

 


Related Discussions:- How to enter this transaction in books of accounts?

What is payroll?, Payroll implies with paying your employees (having seeing...

Payroll implies with paying your employees (having seeing that the government gets the monies they require you to withhold from the employees and the payroll taxes they needs you t

Inome statement, #question.outline basic elements to keep in mind while pre...

#question.outline basic elements to keep in mind while preparing an income statement?

Draw a stem-and-leaf plot for the data set., Draw a stem-and-leaf plot for ...

Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp

Verifiability of financial information, Q. Verifiability of Financial infor...

Q. Verifiability of Financial information? Verifiability Financial information has verifiability when independent measurers are able to substantially duplicate it by using the

Explain merchandise inventories, Q. Explain Merchandise inventories? Me...

Q. Explain Merchandise inventories? Merchandise inventories are goods supposed for sale. Section 6 starts our discussion of merchandise inventories.

The classified balance sheet, Dunmore Coal and Iron purchased $1,000,000 in...

Dunmore Coal and Iron purchased $1,000,000 in corporate bonds and 500,000 shares of common stock in its competitor, Olyphant Iron. Dunmore plans to hold onto the bonds until the ma

The ratio of __________ to __________ is an example, The ratio of _________...

The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization

Example of perpetual inventory procedure, Q. Example of perpetual inventory...

Q. Example of perpetual inventory procedure? The Perpetual inventory procedure Companies use perpetual inventory procedure in a range of business settings. In the past companie

The total revenue of the month of june amounted, The total revenue of the m...

The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to $6,000. $

Cost sheet-orientation, Cost sheet is sheet Where all the cost should be re...

Cost sheet is sheet Where all the cost should be recorded which related to the produc.

create other current asset account

2/19/2014 2:25:22 AM

You are required to create other current asset account and label it as prepaid inventory. This account will be consider as debit and cash will be credited as down payment. Once you receive the inventory,it would be credited in the prepaid inventory account as well as debit inventory. When you receive the remaining stock that account will  be now debited and the accounts payable account will be credited. After paying the remaining amount, the account payable account would be debited and the cash account would be credited.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd