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Which journal entry records payment for supplies?
Debit supplies inventoryCredit cash / bank
Recording a Journal Entry payment on account?
Debit accounts payableCredit cash / bank
What is the journal entry if the payment has not yet been received but clients were billed?
debit the client account (debtor account) and credit the income account (bill amount)
What is journal entry for expense payment?
what is the entry for an excess payment from customer
What is journal entry passed on payment by cheque to vendor?
[Debit] Accounts payable xxxx [Credit] bank account xxxx
What is the journal entry for Payment to builders for new building?
[Debit] Building account [Credit] Cash / bank
What is the journal entry when payment is received for rent?
Rent Received Account Dr To Cash/ Bank
What is the journal entry for deposit to bank account for beginning a business?
Journal entry for opening a bank account
How do you made a journal entry for loan repayment schedule?
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
What is an accrual journal entry?
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
What entry records the payment of an account payable?
The entry to record the payment of an account payable typically involves debiting the Accounts Payable account to decrease the liability and crediting the Cash account to reflect the outflow of cash. For example, if a company pays $1,000 to settle an account payable, the journal entry would be: Debit Accounts Payable $1,000 and Credit Cash $1,000. This entry reflects that the company has fulfilled its obligation, and cash has been reduced accordingly.
HOW DO YOU RECORD A JOURNAL ENTRY FOR A NSF FROM THE BANK?
To record a journal entry for a Non-Sufficient Funds (NSF) check from the bank, you would typically debit the Accounts Receivable account to reverse the payment that was previously recognized, indicating that the funds were not received. Additionally, you would credit the Cash account to reflect the decrease in cash due to the NSF check being returned. This entry effectively reverses the earlier transaction where the payment was recorded.
