Business Accounting and Bookkeeping
Financial Statements

How do you make a journal entry paid business debt on account?

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2014-11-23 14:41:43
2014-11-23 14:41:43

Debit debt account
Credit cash / bank

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Debit bad debtsCredit accounts receivable



The general ledger journal entry for the uncollectible bad debt would be considered a loss in ledger. Debit the account named Bad Debt Expense for the amount and credit the account Accounts Receivable for the amount.


You would credit the customer account and debit bad debt.




debit bad debts accountcredit accounts receivable



cash/bank ...A/C DrTo bad debt recovered A/C




Debit bad debtsCredit accounts receivable


Though I have never heard the term "accrued vacation expense" nor have I ever heard of a "vacation" being a business expense, however, the journal entry would be handled like most "payables". So if your company uses the account of Accrued Vacation Expense, the journal entry should be something like....Vacation Expense (debit) $XXXAccrued Vacation Expense (credit) $XXXOnce the amount is paid, a debit would be recorded in the Accrued Vacation Expense account and a credit to Cash, to remove it from the books and note that the debt (or expense) has been met.


before you do the double entry for the bad debts recovered, you have to reinstate the debt by making the following entries:- Dr. debtors account Cr. bad debts recovered account after this, you will have to do the double entry for this:- Dr.cash or bank Cr. debtors account that's all u have to do!!


Sold merchandise on account to baby doll:3/10 n/30; 25.00 on Jan 12 Received a check from baby doll for the sale on january 12. How do i enter it on the account ledger.


"Paid in full" means that the debt has been met. It's settled.


debit accounts receivableCredit provision for bad debts


Recovered Bad DebtsWhen any bad debt is recovered, twojournal entriesare passed. The first one reverses the write-off entry and the second one is a routine journal entry to record collection. Thus:Accounts Receivable70Allowance for Doubtful Debts70Cash70Accounts Receivable70


debit provision for doubtful debtscredit accounts receivable


Debit Bad Debt Expense. Credit Allowance For Doubtful Accounts (a contra-asset account on the Balance Sheet). Before you do the double entry for the bad debts recovered, you have to reinstate the debt by making the following entries:- Dr. debtors account Cr. bad debts recovered account after this, you will...


Debit Bad debt expense xxxx Credit Accounts receivable xxxx


sundry debtors a/c dr to bad debts written off cr



debit bad debtscredit accounts receivable


before you do the double entry for the bad debts recovered, you have reinstate the debt by making the following entries:- Dr. debtors account Cr. bad debts recovered account after this you will have to the double entry for this:- Dr.cash or bank Cr. debtors account that's all u have to do!!



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