General Ledger

jude1010 · #1 Jun 6, 2007, 10:25 AM

How do I post to General Ledger:

October 2 Ordered cleaning suuplies, $500

October 7 Received the cleaning supplies ordered on October 2 agreed to pay half the amount in 10 days and the rest in 30 days?

goldenbutterfly · Jun 7, 2007, 01:19 AM

no entry yet on Oct 2.

Oct 7 dr. Cleaning Supplies 500
cr. Accounts Payable 500

no entry to record agreement of payment terms.

if payments were actually made on the agreed dates, then:

Oct 17 dr. Accounts Payable 250
cr. Cash 250

Nov. 6 dr. Accounts Payable 250
cr. Cash 250



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!