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Gulfstream Aerospace Cost Accountant Interview Question

"There is a vendor who receives inventory and a bill of sale every month but only pays off the bill once a year, how is this transaction recorded?"
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Part of a Cost Accountant Interview Review - one of 60 Gulfstream Aerospace Interview Reviews

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every month you would debit inventory and credit accounts payable. then at the end of the year, debit accounts payable and credit cash
- Roger Tran on Feb 14, 2012

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