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-   -   General journal need help (https://www.askmehelpdesk.com/showthread.php?t=767812)

  • Sep 19, 2013, 06:56 AM
    bdmiller
    General journal need help
    On June 3rd it said "Purchased supplies on account for $150"
    But then on June 17th it says "Paid $150 for the supplies purchased on June 3rd
    So do I have to record anything for June 3rd?
  • Sep 19, 2013, 07:22 AM
    pready
    Your journal entry on Jun 3 should be: Debit Supplies and Credit Accounts Payable for the amount given.

    Your Journal entry on Jun 17 should be: Debit Accounts Payable and Credit Cash for the amount given.

    The effects of the 2 journal entries are;
    1. You recorded the purchase of supplies on account.

    2. You recorded a payment on account.

    You now have a supplies account balance of $150 and your accounts payable account balance is 0.

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