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-   -   Jouranlizing transactions (https://www.askmehelpdesk.com/showthread.php?t=146683)

  • Oct 30, 2007, 10:55 AM
    lilies99
    Jouranlizing transactions
    A company purchased $750.00 in supplies.

    Journalize this transaction is if they paid cash.
    Journalize this transaction as if they placed it on account.
    On Jan.15 they pay the amount due. Journalize this event.

    Thanks...
  • Oct 30, 2007, 11:46 AM
    occupant16444
    Cash payment

    (Debit) Supplies Expense 750.00
    (Credit) Cash 750.00

    Charge payment

    (Debit) Supplies Exp. 750.00
    (Credit) Accounts Payable 750.00

    Payment

    Accounts Payable 750.00
    Cash 750.00

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