Hello,
Can you please let me know what is the journal entry when an invoice is posted as per accounts payable.
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Hello,
Can you please let me know what is the journal entry when an invoice is posted as per accounts payable.
When you purchase something on account, it is:
Debit the appropriate Expense account for the amount
Credit Accounts Payable for the amount
When you make a payment, it is:
Debit Accounts Payable for the amount of payment
Credit Cash for the same amount
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