If the company paid 50 % down on Furniture, but have not received furniture yet, how should this transaction be treated ( Fixed asset, or prepaid Expense or any other account to Accounts Payable? what would be the acquisition date? what GAAP Article is supporting the entry?

Answer rating: 100% (QA)

Assuming that the company has entered into a purchase agreement for the furniture and made a 50 down ... View the full answer