View Full Version : Journal entry to record in transaction
Rennie
Aug 14, 2007, 05:07 AM
July 9th Office Supply Corp delivers furniture ($1,060) and expendable office supplies ($160) to Random
Leaving an invoice for $1220.
The journal entry to record the July 9th transaction will include a credit of $1,220 to what account??
I’m pretty sure that it’s Accounts Payable.
But I'm not to sure...
CaptainForest
Aug 14, 2007, 07:55 PM
The question is who are you making the JE for? From the sounds of it, you are the company that delivered the goods, NOT received them.
Therefore, you would:
Dr. AR
Cr. Sales
If you are Random (the company who received the goods), you would credit AP, but I do not believe that is the case here.
bhet
Aug 16, 2007, 07:23 AM
Dr. Furniture 1060
dr. supplies 160
Cr. Accounts payable
wandamorris
Dec 12, 2007, 07:57 AM
July 9th Office Supply Corp delivers furniture ($1,060) and expendable office supplies ($160) to Random
Leaving an invoice for $1220.
The journal entry to record the July 9th transaction will include a credit of $1,220 to what account????
I’m pretty sure that it’s Accounts Payable.
But i'm not to sure....
Accounts payable is correct