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20 October, 00:11

On May 1, Ace Electronics ordered office equipment. The equipment was delivered to Ace on May 15, and Ace agreed to pay for it by the end of the month. Ace paid for the equipment on May 31. When will Ace make the first entry in its accounting system for this purchase?

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  1. 20 October, 00:37
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    When will Ace make the first entry in its accounting system for this purchase?

    may-15

    Explanation

    Initial entry is when received the equipment or invoce to pay it.
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Home » Business » On May 1, Ace Electronics ordered office equipment. The equipment was delivered to Ace on May 15, and Ace agreed to pay for it by the end of the month. Ace paid for the equipment on May 31.
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