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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?
How many kind of Assets?
The career paths outlined above don't nearly cover all of the many professional options available to tax specialists. For instance are you concerned that a traditional tax accounti
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. False
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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.
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