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nydimaria [60]
2 years ago
7

Suppose that on March 1, 2014 Cardullo's purchased an order of German chocolate from a supplier for $250, but didn't pay cash fo

r the order until March 31, 2014. How would you record this transaction at the time of the purchase?
Business
1 answer:
Gnesinka [82]2 years ago
6 0

Answer:

Dr merchandise inventory $250

Cr accounts payable                        $250

Explanation:

The appropriate thing to do on the transaction date would be to recognize that $250 is being owed to the supplier from whom the German chocolate was bought by crediting accounts payable with $250 and debiting merchandise inventory with the same amount.

Upon payment on 31 March 2014,the accounts payable amount is reversed by a way of debit and cash account credited accordingly with the $250 to show an outflow of cash from the business.

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