Question 1: Give the ledger entries for the following transactions: A) A customer buys $10,000 of...
Question 1: Give the ledger entries for the
following transactions:
A) A customer buys $10,000 of your product, pays
$5,000 in cash and promises to pay the rest within 60 days.
B) BigRichCo buys UpandComing for 100 million dollars. The fair value accounting values UpandComing at 75 million dollars.
Homework Answers
Journal Entries
A)
| Date | Particular | Debit $ | Credit $ |
|
Cash a/c Dr. |
5000 | ||
| Account Receivable A/c Dr. | 5000 | ||
| To Inventory A/c | 10000 | ||
| (being Product sold) |
B)
| Date | Particular | Debit $ | Credit $ |
| BigRichCo A/c Dr. | 100 | ||
| To UpandComing A/c | 75 | ||
| To Profi & loss A/c | 25 | ||
| (Being Item sold) |
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