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1. The campus bookstore received 500 accounting texts at a cost of $160 each. The terms indicates that payment is due within 30 days of delivery.
1. The campus bookstore received 500 accounting texts at a cost of $160 each. The terms indicates that payment is due within 30 days of delivery. What is the double entry of it?(relate to cost,of good sold)
2.cash of $3000 has collected on November of the current year for services to be rendered evenly over the next year beginning on November 1 of the current year. Unearned service revenue was credited when cash was receive. (year ended December 31).
why answer said debit interest expense $2000 and credit interest payable $2000? ($3000×8/12)
3.why depreciation and accumulated depreciation relate to deferred expense
