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bdmiller
Sep 19, 2013, 06:56 AM
On June 3rd it said "Purchased supplies on account for $150"
But then on June 17th it says "Paid $150 for the supplies purchased on June 3rd
So do I have to record anything for June 3rd?

pready
Sep 19, 2013, 07:22 AM
Your journal entry on Jun 3 should be: Debit Supplies and Credit Accounts Payable for the amount given.

Your Journal entry on Jun 17 should be: Debit Accounts Payable and Credit Cash for the amount given.

The effects of the 2 journal entries are;
1. You recorded the purchase of supplies on account.

2. You recorded a payment on account.

You now have a supplies account balance of $150 and your accounts payable account balance is 0.