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What are the accounting entries involved in the following information given; 1. Company x owes us, 100,000aed 2. We owe company x,80,000 aed?

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Question ajoutée par Chick Leslie , Storekeeper , MODULAR GENERAL CONTRACTING LLC
Date de publication: 2019/04/11
Chick Leslie
par Chick Leslie , Storekeeper , MODULAR GENERAL CONTRACTING LLC

The bookkeeping entries involved will necessitate the creation of two receipts. That is, the customer pays us the balance of 100,000 and we in turn refund him what we are due of 80,000.

DR cash 20,000

DR payables 80,000

CR receivables 100,000

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