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Accounting Help!: If a company negotiates a contract worth $20,000 what accounting elements does it affect? |
If the contract was for goods to be used within the production process ( not inventory), and the contract commences in 3 months time, how would this transaction affect the company's accounts? I would like to know in respect to what happens to the assets, liability, equity, revenue & expense. As well as knowing how these accounts were affected, it would be helpful to know why 'they' were affected. I'm not so good with my accounts. So any help you could give would be so helpful. Thank you! Sounds like a homework problem from your accounting class. Read the book and figure it out. |
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