Buying merchandise, paying part in cash and the rest on account

Transaction

A store buys merchandise for resale for $4,000.00. On delivery it pays $1,500.00 in cash; the rest is on account, payable in 30 days. Goods bought for resale are exempt from sales tax.

Assumptions: Perpetual inventory: each sale also records its cost of goods sold.

Accounts

Tap an account, then choose Debit or Credit and type the amount. × removes a line.

Debit

No lines yet. Choose an account above.

Credit

No lines yet. Choose an account above.

Debits $0.00Credits $0.00