Mrs. O'Shea hired Ralph to paint all of her trim on her house. She agreed to pay a total of $400 for the work. She paid $150 now, and would pay the balance later.
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Mrs. O'Shea hired Ralph to paint all of her trim on her house. She agreed to pay a total of $400 for the work. She paid $150 now, and would pay the balance later.
From Mrs. O'shea's books it would look like this:
<dr> Expense (painting) 400
<cr> Accounts payable 250
<cr> Cash 150
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