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The shareholders are told exactly what is going on. Accounting: 1) Buy parts for $1000 debit Parts Inventory $1000 credit Liabilities - Acco
by tlholaday 15y ago
The shareholders are told exactly what is going on.
Accounting:
1) Buy parts for $1000
debit Parts Inventory $1000
credit Liabilities - Accounts Payable $1000
2) Pay vendor
debit Liabilities - Accounts Payable $1000
credit Cash $1000