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Old Nov 2, 2009, 04:13 PM
Lindsie G
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accounts payable journal

In the Accounts payable journal does are advertising and repairs credits or debits?

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Old Nov 2, 2009, 11:00 PM   #2  
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decisionsupport is offline
 
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Accounts Payable is a liability and liabilities have normal credit balances.
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Old Nov 3, 2009, 04:20 AM   #3  
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Quote:
Originally Posted by Lindsie G View Post
In the Accounts payable journal does are advertising and repairs credits or debits?
The Accounts Payable Journal is a misnomer. It has to be Purchases journal or a Voucher Register.

Accounts payable represents a current liability and has a credit balance. Advertising and repairs are expenses and have debit balances. I am sure yo do know the basics of double entry principle.
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