ABC Ltd sells goods worth $10,000 to XYZ Ltd. The sales agreement specifies that...
60.1K
Verified Solution
Link Copied!
Question
Accounting
ABC Ltd sells goods worth $ to XYZ Ltd The sales agreement specifies that XYZ Ltd will pay the money owned to ABC Ltd on July X Delivery will occur on August X Control of the goods passes to XYZ Ltd at the date of delivery. Required Prepare the journal entries to recognise the above transaction in the books of ABC Ltd on July and August X Note that for the account name, your response is restricted to one of the five key elements: asset, liability, equity, revenue, or expense. July X
ABC Ltd sells goods worth $ to XYZ Ltd The sales agreement specifies that XYZ Ltd will pay the money owned to ABC Ltd on July X Delivery will occur on August X Control of the goods passes to XYZ Ltd at the date of delivery.
Required
Prepare the journal entries to recognise the above transaction in the books of ABC Ltd on July and August X Note that for the account name, your response is restricted to one of the five key elements: asset, liability, equity, revenue, or expense.
July X
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.