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    jay301289's Avatar
    jay301289 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 24, 2011, 05:25 AM
    Paid for postage stamps journalize it?
    Paid for postage stamps journalize it?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Sep 24, 2011, 10:53 AM
    If you are paying as you use the stamps:
    Debit Postage Expense, Misc Expense, or other appropriate Expense account for the amount paid
    Credit Cash for the amount

    If you are purchasing stamps to be used later:
    Debit Prepaid Postage for the amount
    Credit Cash for the amount

    Then as you use the stamps the journal entry will be:
    Debit Postage Expense for the amount used
    Credit Prepaid Postage for the amount
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