Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   Journal entry (https://www.askmehelpdesk.com/showthread.php?t=256923)

  • Sep 5, 2008, 08:35 AM
    AnswerMePlease
    Journal entry
    In setting up a current liability I debit expense and credit the liabilty. The expense then shows in the P&L even though it hasn't been paid yet. Is this correct?
  • Sep 5, 2008, 12:42 PM
    AdamUTsel
    Yes, this is correct if you are using accrual based accounting.

  • All times are GMT -7. The time now is 05:07 AM.