sweetprincess4
Mar 20, 2007, 10:58 PM
Which accounts would I use to correct an entry, where a bill was posted as being paid and later it was realized that the bill was paid with the owner's personal money?
 |
|||
| |
|||
 |
  |
 |
|
| |
|||
     |
|||
|
|||
| |
|||
|
|
|
|
| |
|||
|
|||
sweetprincess4 Mar 20, 2007, 10:58 PM Which accounts would I use to correct an entry, where a bill was posted as being paid and later it was realized that the bill was paid with the owner's personal money? CaptainForest Mar 21, 2007, 02:16 PM The JE that was done: Dr. AP – Company 100 Cr. Cash 100 What should have been done: Dr. AP – Company 100 Cr. AP – Owner 100 What needs to be done: Dr. Cash 100 Cr. AP – Owner 100 When you pay the owner his money, Dr. AP – Owner 100 Cr. Cash 100 If you just go and pay him the cash today, you don’t really even need a journal entry since the journal entry has already been made. Copyright ©2005-, Ask Me Help Desk
|
||||||||