0
What is the general ledger journal entry to write off accounts payable checks?
Wiki User
∙ 15y ago
If you've made a payment on the vendor account which was previously incurred the entry would be: Debit: Accounts Payable; Credit: Cash If you're trying to write-off an unpaid accounts payable the entry would be: Debit: Accounts Payable; Credit: Expense Settlement Account (Contra-Expense account on the P&L that will flow through to Retained Earnings.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
How do you do journal entry of returned checks?
debit dishonored chequecredit accounts payable
What is the general ledger journal entry to write off accounts receivale checks?
Debit bad debtsCredit accounts receivable
Why does an accounts payable show up on your balance sheet when you have cut checks for those bills?
no
What is the general ledger journal entry to write stale checks?
You need to check the original journal entry for the check transaction. Then reverse all the original entries by Dr where you initially Cr and vice versa.
Voided checks should be recorded in the journal?
no
How do you do journal entry of returned checks?
debit dishonored chequecredit accounts payable
What is the general ledger journal entry to write off accounts receivale checks?
Debit bad debtsCredit accounts receivable
Why does an accounts payable show up on your balance sheet when you have cut checks for those bills?
no
How do laser checks compare to regular checks?
Laser checks are usually linked in to a computer accounting software program and automatically keep track of your accounts payable. They save time and minimize errors and are highly legible. They are more expensive though than regular checks and do require some training to learn the process.
When funds are withdrawn from a persons account by a check payable to cash is this a negotiable instrument?
At Chase, checks payable to cash are only negotiable by the account holder for the account the checks are written from.
Why is knowledge of accounting terminology and relevant industry necessary?
Improper use of technical jargon can hamstring the financial records and reporting capability of any accounting department. FOR instance... to a lot of lay people Accounts Payable means vendors, or checks written to vendors. The proper technical definition of Accounts Payable is the "unpaid liabilities to vendors for expenses". They are two VERY different things. Even trained personnel mix up Accounts Payable and include long-term liabilites due in the current period in the Accounts Payable listing for a period. While long-term liabilities due in the current period may have the same due date as an account payable, they would be considered a Current Portion of Long Term Debt and listed separately from Accounts Payable on the balance sheet. So.... knowledge of the terminology and jargon is VERY important, even though it may not seem like it to the lay person.
What is the general ledger journal entry to write stale checks?
You need to check the original journal entry for the check transaction. Then reverse all the original entries by Dr where you initially Cr and vice versa.
Voided checks should be recorded in the journal?
no
What are dividend checks?
an order of payment (such as a check payable to a shareholder) in which a dividend is paid
Can a person appointed by Letters of Administration cash checks which were made payable to the decedent?
Yes, they would be able to cash the checks and add them to the estate.
What checks can be deposited into an estate bank account?
Checks made payable to the Estate, or to the Trustee of the Estate in their capacity as Trustee, and/or to the individual for whom the Estate is named.
What is the name of a person who checks accounts?
where is the aanswer
