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P Eugene
Oct 12, 2008, 09:05 PM
What are the journal entries for accrual accounting and cash accounting for an invoice and a payment?
ashley568
Oct 12, 2008, 10:59 PM
there is no entry for the cash accounting for the invoice. The payment would be
cash- debit
sales- credit

The accrual is for the invoice
AR-debit
Sales-cerdit

Payment:
Cash- Debit
AR- credit
MF Controller
Oct 22, 2008, 10:01 AM
the entry should be A/P (accounts payable) not A/R (accounts receivable) if this is an invoice that is being paid.