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Inventory

Forums › Ask CIMA Tutor Forums › Ask CIMA E1 Tutor Forums › 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)
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    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: 10583
    • ☆☆☆☆☆

    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: 10583
    • ☆☆☆☆☆

    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.

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