20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for December 2024 exams.
Get your discount code >>

Inventory

This topic has 3 replies, 2 voices, and was last updated 6 years ago by Ken Garrett.

Viewing 4 posts - 1 through 4 (of 4 total)

Author
Posts
October 3, 2018 at 1:45 pm #476225
smartiecwele
Member
- Topics: 1
- Replies: 1
How to record a journal entry if the agent pays us cash one moth later
October 4, 2018 at 4:53 am #476307
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10534
One month later than what?
October 4, 2018 at 9:08 am #476334
smartiecwele
Member
- Topics: 1
- Replies: 1
If the agent was suppose to make a transfer last month but he only did it on the beginning of this month
October 4, 2018 at 4:41 pm #476407
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10534
Presumably therefore the agent was recorded as a receivable at the end of last month (otherwise how would we know we were due the money?). When teh cash is received it would be:
Dr Cash
Cr Agent in receivables ledger.
Author
Posts

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic.