Accounting Method Examples

BPS Examples:     Accrual accounting        Ticket Zero Partial Payment (Cash Basis) Ticket Zero Final Payment
 
Account description       Debit       Credit   Debit Credit   Debit Credit
Accounts Receivable  $        535.00          
Cash  $        500.00      $ 500.00      $           535.00  
Sales Tax Payable    $         35.00          $          35.00
Bridal Sales    $    1,000.00          $      1,000.00
           
           
Deposits (liability) +        $ 500.00      $         535.00
Less Deposits Released -            $      1,035.00
    Net Deposit Change            $        (500.00)
           
Total  $     1,035.00  $    1,035.00    $ 500.00  $ 500.00    $           535.00  $         535.00
           
Additional Postings          
           
Cost of Sales Purchases-special order  $        500.00          $           500.00  
Accounts Payable    $       500.00          $         500.00
Record accounts payable           
when purchase order is placed          
 
           
Inventory  $        500.00          $           500.00  
Purchases    $       500.00          $         500.00
Accounts payable  $        500.00          $           500.00  
Cash    $       500.00          $         500.00
Place gown in inventory when           
merchandise is received          
           
Cash  $        535.00          
Accounts Receivable    $       535.00        
Balance on gown is paid           
     
Accural Notes:    
There is a problem when the inventory ledger balance is reduced before   
the gown is received. On an accrual basis, the balance in the Purchases account for     
special order merchandise should reflect the inventory outstanding.   
The simplest way to keep up with this would be to have a separate Purchases account   
for Special Order merchandise. The balance in this account should be added to the   
Inventory ledger balance   
This is not a issue for stock orders  
     
     
     
     
     
 
   
                   
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