Question
Example: Sold clothing on account to Briarfield School for Girls for $3,500. The clothing cost $2,000. Why does sold clothing on account mean we debit
Example: Sold clothing on account to Briarfield School for Girls for $3,500. The clothing cost $2,000.
Why does "sold clothing on account" mean we debit account receivable? What does "on account" mean and how do we know if it is account receivable or account payable?
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Fundamental Financial Accounting Concepts
Authors: Thomas Edmonds
7th Edition
73527122, 978-0073527123
