Sundry creditors a/c dr
to proprietors personal a/c cr
debit drawings account 2000credit goods account 2000
creditors journal
debit accounts payablecredit bank account
Debit expensesCredit sundry creditors
[Debit] Bank account xxxx [Credit] Accounts payable account xxxx
debit drawings account 2000credit goods account 2000
The expense account will be debited and capital will be credited by the same ammount
creditors journal
debit accounts payablecredit bank account
Debit expensesCredit sundry creditors
[Debit] Bank account xxxx [Credit] Accounts payable account xxxx
A journal is a personal written account of daily experiences, thoughts, and impressions that may be less personal than a diary. Journals often focus on reflection, self-improvement, and goal-setting rather than a detailed record of personal events and emotions.
A Journal
journal
what is the reason businesses record into creditors allowances journal
The creditors allowances journal is a financial record used by businesses to document allowances or discounts granted to creditors, typically due to returned goods or pricing adjustments. This journal tracks transactions that reduce the amount owed to suppliers, ensuring accurate accounting and inventory management. Entries in this journal help maintain transparency and facilitate reconciliation of accounts payable.
Purchases A/c -Dr 5000 To Sundry Creditors 5000