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    hasan296's Avatar
    hasan296 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 17, 2009, 06:48 PM
    How can one tell what goes in which account.
    How can one tell what goes in which account. Ex. Made a payment on account $145
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Feb 17, 2009, 07:53 PM

    DEBIT Supplier Account $145.00
    CREDIT Bank Account $145.00

    Being a payment on account of
    A supplier.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #3

    Feb 18, 2009, 02:10 PM

    The correct entry is:
    Debit Accounts Payable for the amount
    Credit Cash for the amount
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