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paulcrowley
Sep 18, 2017, 12:12 PM
If I hire a mechanic to fix machinery on 60 day terms, I increase accounts payable. What is the balancing transaction post for this event?
Curlyben
Sep 18, 2017, 12:37 PM
What do YOU think ?
While we're happy to HELP we wont do all the work for you.
Show us what you have done and where you are having problems..
paulcrowley
Sep 18, 2017, 12:40 PM
An increase in AP is a debit. Do I need to create an asset account for machinery repairs for the credit?
paraclete
Sep 19, 2017, 11:38 PM
An increase in AP is a debit. Do I need to create an asset account for machinery repairs for the credit?
Do you understand double entry accounting at all? Accounts payable is a liability and therefore a credit, machinery repairs is not an asset but an expense. There endith the lesson