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When a payment is made to a creditor, the following journal entry is recorded in the books of accounts
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What is the journal entry for payment made to creditor?
The journal entry for payment made to a creditor typically involves debiting the accounts payable account to reduce the liability and crediting the cash account to reflect the outflow of cash. For example, if a company pays $1,000 to a creditor, the entry would be: Debit Accounts Payable $1,000 Credit Cash $1,000 This entry decreases both the company's liabilities and its cash balance.
What is journal entry tp make order?
There is no entry required when order is placed instead of entry is made when goods received or payment made in advance.
How do you double entry when your debtor has paid your creditor for you?
credit the debtor and debit the creditor
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.
How the accounting entry should be made when the creditor convert the loan to equity?
Debit Loan and credit Capital Reserve
What is the journal entry for payment made to creditor?
The journal entry for payment made to a creditor typically involves debiting the accounts payable account to reduce the liability and crediting the cash account to reflect the outflow of cash. For example, if a company pays $1,000 to a creditor, the entry would be: Debit Accounts Payable $1,000 Credit Cash $1,000 This entry decreases both the company's liabilities and its cash balance.
What is journal entry tp make order?
There is no entry required when order is placed instead of entry is made when goods received or payment made in advance.
How do you double entry when your debtor has paid your creditor for you?
credit the debtor and debit the creditor
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 a back payment?
A back payment is an overdue payment from a debtor to a creditor on money owed.
If payment is a month behind yet two weeks ago made a full payment can they still threaten to repossess?
AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.
How the accounting entry should be made when the creditor convert the loan to equity?
Debit Loan and credit Capital Reserve
What is the entry for bill disconting dishonour?
The entry for a bill discounting to be dishonored is made when the drawee refuses to accept or make payment on the bill. It is dishonored by non-acceptance or non-payment.
How do you make an electronic payment.?
Visit the creditor's website and you should find instructions for that particular creditor.
What are the effects in payment is made by third person?
When a payment is made by a third person, it can lead to several effects, such as the discharge of the original debtor's obligation if the creditor accepts the payment. This can also establish a new relationship between the third party and the debtor, as the third party may seek reimbursement. Additionally, the creditor may need to confirm the legitimacy of the payment to avoid disputes. Overall, third-party payments can complicate financial transactions and relationships.
Do I still owe if a creditor refuses to give you payment address?
If a creditor refuses to give you payment address, you still owe them money. This might be frustrating but does not get you off the hook.
What is journal entry for expense payment?
what is the entry for an excess payment from customer
