Find the best answers to your questions at Westonci.ca, where experts and enthusiasts provide accurate, reliable information. Experience the convenience of finding accurate answers to your questions from knowledgeable professionals on our platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.
Sagot :
In the United States alone, $16 billion of products and services are traded every year without any money changing hands in a practice referred to as Barter transactions account .
- A barter exchange account is handled as an asset account and the revenue from bartering is treated as income in a typical journal entry.
- In the aforementioned scenario, barter income would be credited with $100 and the barter exchange account would be debited with $100.
- A barter exchange is a group of people or businesses that have decided to swap goods or services without taking payment in cash.
- Disadvantages are that bartering frequently requires much time and hassle and that goods are often not readily divisible, meaning that swapped goods have to be basically equal in value if a trade is to occur.
What are barter accounts?
- A barter exchange operates as a broker and bank in which each participating member has an account that is debited when purchases are made, and credited when sales are made.
- Compared to one-to-one bartering, concerns over unequal exchanges are reduced in a barter exchange.
Learn more about barter accounts brainly.com/question/23967562
#SPJ4
Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.
