In this case, the related asset or expense account is debited, and the journal entry for the payable account is credited. When payment is to account payable, accounts payable is debited, and cash account is credited. Journal Entry for Payroll: In the case of payroll expenses, the wages expe...
Create your account View this answer To make a journal entry for accounts payable, you take an invoice for inventory or services already received and debit the expense and credit accounts... See full answer below.payable. For example, Business A has a bill for $125 for inventory ordered ...
Here is the journal entry for the above example:Account NameDebitCredit Transportation vehicles $50,000 Accounts Payable $50,000 Journal Entry to Record a Purchase of Inventory on Credit Account NameDebitCredit Purchases XXX Accounts Payable XXX ...
Accounts payable is a liability account. Read more about the difference in accounts payable and accounts receivable here. What Is the Journal Entry for Accounts Receivable? When a sale of goods or services is made to a customer, you use your accounting software to create an invoice that ...
Previous lesson:Journal Entry: Cash Received From a Debtor / Accounts Receivable Next lesson:Accounts Payable Journal Entries In this lesson we're going to cover the previous expenses example for our sample business,George's Catering, and we'll learn the full debit and credit cash expense journa...
Learn what accounts receivables (AR) are and understand their purpose in business. Explore different examples of AR and what the journal entry for...
Each specific item, such asSalaries, would have its own folio number or code, and this would be used to cross-reference from thejournal entryinvolving Salaries to theT-accountfor Salaries in theledger(the ledger and T-accounts will be covered in a future lesson). ...
Cr:Accounts Payable $300 b)correct entry（正确的分录）Dr:Inventory/Expenses $300 (看是存货还是一般的日常用品)Cr:Accounts Payable $300 c)correcting entry（调整分录）Dr:Inventory/Expenses $300 Cr:Equipment $300 2. 这题是说公司付了红利一共1300，但是会计记成了借：应收账款，贷：银行...
See what more you can learn about this system by using the lesson called Accounts Payable Journal Entry: Process & Examples. Other topics you can look at any time include: How the accounts payable process works Documents that are part of the three way match Journal entry examples for acc...
Dr Accounts payable 1000 Cr Cash 1000 (To record inventory payment to vendor) 10 Dr Dividends 1000 Cr Cash 1000 (To record dividends paid) 2. Answer the following questions 1. What is a Journal entry? A journal entry is used to record a business transaction in the accounting records of ...