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Inventory

Home › Forums › Ask CIMA Tutor Forums › Ask CIMA E1 Tutor Forums › Inventory

This topic contains 3 replies, has 2 voices, and was last updated by  Ken Garrett 4 months, 2 weeks ago.

Viewing 4 posts - 1 through 4 (of 4 total)
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  • October 3, 2018 at 1:45 pm

    smartiecwele
    Participant

    How to record a journal entry if the agent pays us cash one moth later

    October 4, 2018 at 4:53 am

    Ken Garrett
    Keymaster

    One month later than what?

    October 4, 2018 at 9:08 am

    smartiecwele
    Participant

    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

    Ken Garrett
    Keymaster

    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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