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Debit Accounts Payable
Credit cash /bank
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Journal entry for Payment of credit purchase by a Cheque?
BY VENDOR Dr TO BANK Cr
What is journal entry passed on payment by cheque to vendor?
[Debit] Accounts payable xxxx [Credit] bank account xxxx
When is it necessary to include vendor name in an accounts payable entry in a journal?
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.
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.
Journal entry for Payment of credit purchase by a Cheque?
BY VENDOR Dr TO BANK Cr
What is journal entry passed on payment by cheque to vendor?
[Debit] Accounts payable xxxx [Credit] bank account xxxx
What is the journal entry if bank pay the amount to vendor on behalf of the company?
No entry at the time of payment by bank and entry is recorded when bank reconciliation with bank and information arrive from bank.
What is journal entry for expense payment?
what is the entry for an excess payment from customer
What is the journal entry of advance to vendor?
Prepaid Expenses $XXX.XX ________Cash___________ $XX.XX
When is it necessary to include vendor name in an accounts payable entry in a journal?
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.
What is the journal entry to correct a payment of a bill which was paid to another vendor in error?
[Debit] Correct Vendor [Credit] Wrong Vendor Only Vendor accounts will be adjusted as cash or bank account is already charged correctly.
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 journal entry is a down payment?
Debit down paymentCredit Cash
What is the Journal entry for purchase of asset by advance payment?
Debit advance payment for assetCredit cash / bank
What is the journal entry for down payment of cash?
[Debit] Down payment xxxx [Credit] cash xxxx
