I have a basic accounting question for my studies that i need help with as there is no answer so i dont know if i have done this correct or not... please can someone help....
You are asked to raise a sales invoice to a customer for £12000 + vat. The invoice is to be raised and dated in january 2002, although the work being done to generate the income is being done over january, february and march 2002.
a) what is the double entry for the transaction in january 2002?
b) what is the double entry in relation to the transaction in february and march 2002?
Also does VAT have its own rules?
Can anyone help with this please?
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