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I think in this question something is missing :
The Expense A/c or Service A/c Dr from which regards we have liability to pay
and Cr. the Account payable A/c.
For example : We purchased goods from BM Bros. on credit for Rs. 10000.
The entry would be passed:
BM Bros A/c Dr.
To Accounts Payable A/c
Here liability is increase and equity is decrease because we have to pay the outstanding amount, on the payment the entry will be:
A/c Payable Dr.
To Cash/ Bank A/c
Wiki User
∙ 12y ago
Wiki User
∙ 9y agodebit purchases
credit accounts payable
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Journal entry to record the conversion of an 250 accounts payable to a notes payable?
debit accounts payable 250credit notes payable 250
What does the Journal entry look like for an Accounts Payable transaction?
[Debit] Goods purchased [Credit] Accounts payable
What is the journal entry for issued a note payable?
debit accounts payablecredit notes payable
What is accounts payable non trade?
Accounts payable non-trade is an entry that is made through a journal entry. Most accounts payable are trade and they are done through an accounts module that will automatically generate accounting entries.
When an accounts payable subsidiary ledger is used the entry to Accounts Payable requires two posting references in the general journal?
yes
What is the Notes payable journal entry?
Debit accounts payableCredit notes payable
Journal entry to record the conversion of an 250 accounts payable to a notes payable?
debit accounts payable 250credit notes payable 250
What will be the journal entry Accounts payable?
debit purchasescredit accounts payable
What does the Journal entry look like for an Accounts Payable transaction?
[Debit] Goods purchased [Credit] Accounts payable
What is the journal entry for issued a note payable?
debit accounts payablecredit notes payable
What is accounts payable non trade?
Accounts payable non-trade is an entry that is made through a journal entry. Most accounts payable are trade and they are done through an accounts module that will automatically generate accounting entries.
When an accounts payable subsidiary ledger is used the entry to Accounts Payable requires two posting references in the general journal?
yes
What is the journal entry to writeoff accounts payables?
Accounts Payable Cash/Bank/Goods etc
How you record accounts payable settlement in journal entry?
debit accounts payableCredit cash / bank
How do you do journal entry of returned checks?
debit dishonored chequecredit accounts payable
What is a post-dated journal entry?
Debit accounts payable / expensesCredit bank
What is the journal entry for collecting money on account?
debit cashcredit accounts payable
