What are the journal entries for accrual accounting and cash accounting for an invoice and a payment?
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What are the journal entries for accrual accounting and cash accounting for an invoice and a payment?
I am attending University of Phoenix on line I am in Accounting 363. I have a problem I need help with I just need to know the steps to get the answer. What should I do?
What is journal entry of accumulated depreciation?
Accrual accounting and cash accounting for recording an invoice and a payment are very different and care needs to be taken as to not confuse the two.Quote:
Originally Posted by Passasw
Under accrual accounting, the invoice would be recorded as a debit to your expense account and a credit to the payable account, such as accounts payable. When the payment is recorded, the debit is to the accounts payable for the bill and a credit to the cash account when the check is written.
Under cash accounting, no entry is made for the invoice. However, when the payment is made it is a debit to the expense account and a credit to the cash account.
Hope this helps.
Quote:
Originally Posted by caro stigers
Hi soon to be UoP alumni! What is Accounting 363? When you get this message, if UoP still has their schedule, your class will probably be over or soon to be over. Anyway, knowing what your class was would be helpful and also the type of problem you had.
The debit would be to a depreciation expense account and the credit would be to the accumulated depreciation account of the specific asset.Quote:
Originally Posted by ulhasmarthe
Hope this helps.
I want some questions for doing journal entries
You posted on a thread that is 4 years old.
You should start a new thread with your question, so that the members on this site will see it and try to help you.
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