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anusha0303
Jan 1, 2012, 10:25 AM
Hello,

Can you please let me know what is the journal entry when an invoice is posted as per accounts payable.

pready
Jan 2, 2012, 07:59 AM
When you purchase something on account, it is:
Debit the appropriate Expense account for the amount
Credit Accounts Payable for the amount

When you make a payment, it is:
Debit Accounts Payable for the amount of payment
Credit Cash for the same amount