Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jun 2018 My Price 4.00

installation inventory

I have to analyze the following transaction:

"Delivery costs of installation inventory shipped to us at our expense for $108.50 + HST." The source document was a purchase invoice, but under the terms it says cash tendered, so the customer must have paid in cash. I know that the Freight-in expense account will increase by $122.61, however, I'm not sure how to get the transaction to balance out. I know that I need to make a credit of $122.61 to my cash account, but I also need to make a credit to the HST Payable account for $14.11, so it's not balancing out. Just need some help with that. Thanks!

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jun 2018 10:06 PM My Price 4.00

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