Here's the journal entry for paying off our accounts payable: Note that the debit of $200 to the accounts payable account causes it to decrease down tozero– in other words, we are showing that the debt towards the telephone companyno longer exists. ...
Click here for thefull lesson on Accounts Payable. 10. Journal Entry for Paying Our Creditors Here we actually pay ourcreditorsthe money that we owe them. Click here for thefull lesson on Paying Off Creditors. The Origin of Journals
Once an invoice is sent to your customers, you also need to record the invoicejournal entry. While recording the invoice journal entry, you need to debit the accounts receivable account for the amount due from your customer and credit the sales account for the same amount. You also need to ...
Enter Insurance Bill - Debit: Insurance Expense, Credit: Accounts Payable Two Payments Against Bill - Debit: Accounts Payable, Credit: Bank Insurance Journal Entry Questions Question 1 An employee of our small business damaged our property with her car. The business paid to have the damage repaire...
9. Accounts payable 1,000 Dr. Cash 1,000 Cr. (Record of inventory payment to vendor)10. Dividends 1,000 Dr. Cash 1,000 Cr. (Record of dividends paid)2. Answer the following questions:1. What is a Journal entry?A journal entry is an accounting record that documents a ...
Journal Entry Format The first column shows the date on which the transaction happened and the journal entry number. The second column includes the names of the debited and credited accounts. We also include a brief description of the reason for the entry in this column. ...
1.1 Quick Entry When creating a Journal Entry, aQuick Entrybutton can be seen on the top right. This makes creating the Journal Entry a bit easier. Enter the amount, select the accounts, add a remark. This will populate the 'Accounting Entries' table with the selected details. ...
Journalentry_英语学习_外语学习_教育专区 标红的部分分录不确定是否完全正确 A 8.The company purchases land by paying half in cash and signing a note payable for the other C
car loan Journal Entry Two accounts are debited on this loan journal entry: Debit: Accounts Payable(assetaccount) , Debit: Administration Costs(expenseaccount) - shows on the Profit and Loss report Credit: Vehicle Loan Account(liability account) ...
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 ...