6
|
Account |
Debit |
Credit |
|
ABC Company: |
|
|
| Accounts
receivable |
$Â Â Â Â Â Â 67,000 |
|
| Sales
revenue |
|
$Â Â Â Â Â Â 67,000 |
|
|
|
| Cost of
goods sold |
$Â Â Â Â Â Â 30,000 |
|
|
Inventory |
|
$Â Â Â Â Â Â 30,000 |
| [Entry
for sale] |
|
|
|
|
|
| Cash |
$Â Â Â Â Â Â 67,000 |
|
| Accounts
receivable |
|
$Â Â Â Â Â Â 67,000 |
| [Entry
for receipt] |
|
|
|
|
|
|
DEF Company: |
|
|
|
Inventory |
$Â Â Â Â Â Â 67,000 |
|
| Accounts
payable |
|
$Â Â Â Â Â Â 67,000 |
| [Entry
for purchase] |
|
|
|
|
|
| Accounts
payable |
$Â Â Â Â Â Â 67,000 |
|
| Cash |
|
$Â Â Â Â Â Â 67,000 |
| [Entry
for payment] |
|
|
|
|
|
7
Discount = 67,000 X 2% = 1,340
|
Account |
Debit |
Credit |
|
ABC Company: |
|
|
| Accounts
receivable |
$Â Â Â Â Â Â 67,000 |
|
| Sales
revenue |
|
$Â Â Â Â Â Â 67,000 |
|
|
|
| Cost of
goods sold |
$Â Â Â Â Â Â 30,000 |
|
|
Inventory |
|
$Â Â Â Â Â Â 30,000 |
| [Entry
for sale] |
|
|
|
|
|
| Sales
discounts |
$Â Â Â Â Â Â Â Â Â 1,340 |
|
| Cash |
$Â Â Â Â Â Â 65,660 |
|
| Accounts
receivable |
|
$Â Â Â Â Â Â 67,000 |
| [Entry
for receipt with in discount period] |
|
|
|
|
|
DEF Company: |
|
|
|
Inventory |
$Â Â Â Â Â Â 67,000 |
|
| Accounts
payable |
|
$Â Â Â Â Â Â 67,000 |
| [Entry
for purchase] |
|
|
|
|
|
| Accounts
payable |
$Â Â Â Â Â Â 67,000 |
|
| Cash |
|
$Â Â Â Â Â Â 65,660 |
| Purchase
discounts |
|
$Â Â Â Â Â Â Â Â Â 1,340 |
| [Entry
for payment] |
|
|
