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July 31, 2014 02:39PM
I have a problem and I think I made it worse than it is. We purchased a set of cattle in the feedlot. Lot #1379 at a cost of $44 958.42. This transaction was done in June. In July we traded this set of cattle for a new Lot, Lot #1381 with a credit of $44,958.42 and a balance due of $13206.15.

I couldn't figure out a way to do this. So in order to keep my cattle inventory correct I showed a sale of Lot #1379 for the original cost of $44,958.42 and a deposit to the bank. Then I showed a purchase of Lot #1381 at a cost of $58,164.57 and paid with a check in the amount of $13206.15 and showed an account payable of $44958.42. I thought I could JE my way out of this but now I don't think so. I don't know what to do and don't want to make it worse. Should I void all those entries and start over? If so, then what correct steps should I show? Help.

The good news is my cattle inventory is correct. The bad news is my bank balance and accounts payable are off. I don't know how to post to the accounts payable account or where it even shows. I don't see it in my liabilities anywhere. I'm fine with my sales account being offset by the cost of the cattle that were traded in. I just need to debit my accounts payable and credit my cash, but (as dumb as this sounds), how do I do that??

Well, I think I see it now. It looks like under my payments screen I can pay my account payable -debit-and then credit my bank account for the $44958.42. Will that all work like I think it will? Is there a better way?

Mary Paul Williams

Edited 2 time(s). Last edit at 08/01/2014 05:58AM by Mary Paul Williams.

Cattle Traded

Mary Paul WilliamsJuly 31, 2014 02:39PM

Re: Cattle Traded

Kathy ClineAugust 01, 2014 09:00AM

Re: Cattle Traded

Mary Paul WilliamsAugust 01, 2014 03:59PM

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