A customer purchased a service from XYZ Company. The customer agreed to pay $300 in 30 days.
Fantastic news! We've Found the answer you've been seeking!
Question:
A customer purchased a service from XYZ Company. The customer agreed to pay $300 in 30 days. What entry is required on XYZ's books on the date of the sale using the Accrual Method of accounting? Debit Accounts Receivable $300; Credit Sales $300 No entry is required until payment is received Debit Bank, $300; Credit Accounts Receivable $300 Debit Accounts Receivable $300; Credit Accounts Payable $300
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Posted Date: