Clout Ltd is a highly profitable business that has just paid its outstanding debts of $45,000 to suppliers.

What are the entries that would be in Clout Ltd's accounting information system?

Question

Clout Ltd is a highly profitable business that has just paid its outstanding debts of $45,000 to suppliers. 
 
 What are the entries that would be in Clout Ltd's accounting information system?

Answer

DR                Cash              $45,000 
             CR           Accounts payable                $45,000

Answer

DR                Accounts payable              $45,000 
             CR           Cash                                             $45,000

Answer

DR                Inventory              $45,000 
             CR           Cash                                        $45,000

Answer

DR                Inventory              $45,000 
             CR           Accounts payable                 $45,000

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Clout Ltd is a highly profitable business that has just paid its outstanding deb...

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