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?
There is no entry for the cash accounting for the invoice. The payment would be
Cash- debit
Sales- credit
The accrual is for the invoice
AR-debit
Sales-cerdit
Payment:
Cash- Debit
AR- credit
The entry should be A/P (accounts payable) not A/R (accounts receivable) if this is an invoice that is being paid.
Purchases a/c Dr(a)
To GR/IR a/c(b)
GR/IR a/c Dr(c)
To Vendor a/c (d)
Vendor a/c Dr (e)
To Bank a/c (f)
B and c will get knock off, d and e will get knock off and in the final entry will be
Final enty
Purchases a/c
To Bank a/c
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