elacap
Nov 8, 2009, 05:27 AM
Here is the situation:
Our transaction is always like this:
Company A (our company) purchases materials to company S.
But at this time (Sept 2009), company S get our services to deliver materials to company L, which
A only get commission from S. The commission is $169.00.
The accountant posted the transaction to purchases and even paid it.
Company S paid the $169.00 on the same month to A and A recorded the payment as prepayment on receipts (we are using peachtree).
In payables, we have 169.00 overpayt and in sales, it shows -169.00.
How to make an adjusting entry on accounts payable to balance our record against record of S.
Our transaction is always like this:
Company A (our company) purchases materials to company S.
But at this time (Sept 2009), company S get our services to deliver materials to company L, which
A only get commission from S. The commission is $169.00.
The accountant posted the transaction to purchases and even paid it.
Company S paid the $169.00 on the same month to A and A recorded the payment as prepayment on receipts (we are using peachtree).
In payables, we have 169.00 overpayt and in sales, it shows -169.00.
How to make an adjusting entry on accounts payable to balance our record against record of S.