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debit Accounts Payable
Credit cash / bank
What else can I help you with?
Journal entry to record the conversion of an 250 accounts payable to a notes payable?
debit accounts payable 250credit notes payable 250
Which Journal entry is used to record equipment purchased on account?
debit equipmentcredit accounts payable
How do you record journal entry for purchases?
debit purchases / goodscredit cash / bank / accounts payable
What are the accounting journal entries to record an overcharged cost that was posted to an expense purchase to Accounts Payable and was paid at a later date?
general journal
What is the journal entry for paid back a portion of the accounts payable?
To record the payment of a portion of accounts payable, the journal entry would debit the Accounts Payable account to decrease the liability and credit the Cash account to reflect the cash outflow. For example, if $1,000 of accounts payable is paid, the entry would be: Debit: Accounts Payable $1,000 Credit: Cash $1,000 This entry reduces both the outstanding liability and the cash balance.
What is The journal entry to record the purchase of inventory included a debit to?
[Debit] Purchases [Credit] Cash / bank / accounts payable
What the journal entry to record a note payable?
debit Cashcredit notes payable
How do you record journal entry to increase notes payable?
debit cashcredit notes payable
What is a liability account?
Liability Accounts record obligations of a business towards its creditors. Examples of liability accounts are Accounts Payable, Interest Payable, Wages Payable. These accounts appear on the balance sheet.
How do you record journal entry to purchase goods with trade discount?
debit goods purchased (at trade discount amount)credit cash / bank / accounts payable
How to record a payable due next year?
To record a payable due next year, first, create a journal entry that recognizes the liability. Debit the appropriate expense or asset account for the amount incurred and credit the accounts payable account. Make sure to include the due date and any relevant details in the notes. When the payment is made next year, debit accounts payable and credit cash or bank.
What are the accounting journal entries to record a purchase of inventory?
[Debit] Purchases xxxx [Credit] Cash / bank xxxx [Credit] Accounts payable xxxx (if purchased on credit)
