View Full Version : Accounts payable journal
Lindsie G
Nov 2, 2009, 05:13 PM
In the Accounts payable journal does are advertising and repairs credits or debits?
decisionsupport
Nov 3, 2009, 12:00 AM
Accounts Payable is a liability and liabilities have normal credit balances.
rehmanvohra
Nov 3, 2009, 05:20 AM
In the Accounts payable journal does are advertising and repairs credits or debits?
The Accounts Payable Journal is a misnomer. It has to be Purchases journal or a Voucher Register.
Accounts payable represents a current liability and has a credit balance. Advertising and repairs are expenses and have debit balances. I am sure yo do know the basics of double entry principle.