Purchased Furniture worth for $10.Payment of $5 also made for its.What will be the entry for the above transaction ?

Start networking and exchanging professional insights

Register now or log in to join your professional community.

Next Question:
Sale of furniture worth 10000 with a profit margin of 10%.?
Posted by:
Chandra Sekhar
17-February-2018

Accounts Payable

Question added by Muhammed Nisar , Assistant Manager - Finance and Accounts , YouGotaGift
Date Posted: 2014/04/12

Upvote (0) Views (5) Followers (0) Answers (1) Report Question

Write an Answer
Register now or log in to answer.

1 Answers

by saleel payyoli , Accountant , Shalimar Trading & Transport Co

furniture a/c dr $10

To cash $5

To party $5

Downvote Reply () Report

Popular Searches

Sales Executive Jobs Engineers Jobs Engineering Technicians Jobs Accountant Jobs Driver Jobs

Write Your Answer

More Questions Like This

Accounts payable payment journal entry.Which one is correct ? (A) Dr. Accounts payable / Cr. Cash (B) Dr. Accounts payable / Cr. XYZ
Top Answer: The Answer will be Dr: Accounts Payable / Cr: Cash See More

Answers (15)
Purchase goods worth rs 15000 @ 5% trade discount?
Top Answer: Purchases A/c. Dr. 15000 Trade Discount A/c. Cr.750 Cash A/c. Cr. 14250 Being goods purchased with discou ... See More

Answers (1)
We purchased a car through Loan, what entry you will prepare?
Top Answer: First of All keep one thing in your mind that Vehicle is not qulifying asset for capitalization of intere ... See More

Answers (1)
Arielle W. bought furniture on credit from Chanel. Which of the following journal entries will be made for this transaction in Arielle W. books?
Top Answer: I believe the answer is (D)Dr. Furniture Cr. Arielle W. See More

Answers (6)

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.