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Returned damaged goods to supplier- what debit and credit account?
When you have returned damaged goods then you will need to credit accounts receivable and debit accounts payable. This will decrease your revenue for the account.
How do book an increase in notes payable?
When company purchases more goods on credit then it increases the accounts payable as goods will be debit and accounts payable will be credit.
What does the Journal entry look like for an Accounts Payable transaction?
[Debit] Goods purchased [Credit] Accounts payable
If some goods are damaged from a purchase order upon receipt the accounts payable department should receive a?
an invoice and debit memo
What is entry for new note payable?
[Debit] Goods purchased [Credit] notes payable / accounts payable
How is accounts payable is created?
Is the your Accounts Payable dept created when your company purchases goods or service from a established vendor or credit
How is the accounts payable created?
Is the your accounts payable dept created when your company purchases goods or service from a established vendor or credit
What is journal entry for when goods are received?
debit goods / inventorycredit accounts payable
What is the journal entry for goods received?
Debit goods receivedCredit accounts payable
What is the difference between Accounts Payable and Accounts Receivable?
Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.
What is the journl entry for puchasing goods on account?
[Debit] Purchases [Credit] Accounts payable
What is the journal entry for accounts payable and recivable computer accounti?
I think in this question something is missing : The Expense A/c or Service A/c Dr from which regards we have liability to payand Cr. the Account payable A/c.For example : We purchased goods from BM...Accounts Payable Cash/Bank/Goods etc
