Inventory purchase, barter i get the inventory he gets a credit for future purchases from me.

USA Discussion in 'Technical Queries' started by Aijan, Apr 21, 2017.

  1. Aijan

    Aijan

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    Apr 21, 2017
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    Hello,

    let me describe the situation.

    I got surplus assets of one company, no money changed hands. Instead we agreed I would give credit to this company for future purchases from me. When I get the stuff they need.

    Would I record that as Dt Inventory
    Cr Accounts Payable ?
    Then after some time this company sends me PO to buy smth from me that costs less then the available credit.

    What entries should I use to record the sales and adjust the credit amount?
    How does Income account play here when I haven't received the money?


    Thank you,
     
    Aijan, Apr 21, 2017
    #1
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