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    ramkumarsss's Avatar
    ramkumarsss Posts: 2, Reputation: 1
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    #1

    Sep 29, 2010, 06:53 AM
    Finance
    Will somebody be able to send me the accounts payables related journal entries to my email "[email protected]" along with a short answer in this site...
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Sep 29, 2010, 06:58 AM
    Quote Originally Posted by ramkumarsss View Post
    will somebody be able to send me the accounts payables related journal entries to my email "[email protected]" along with a short answer in this site...
    Ummm is it just me or does this not make any sense at all.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #3

    Oct 1, 2010, 02:52 PM

    When you purchase something on account: Debit Appropriate account and Credit Accounts Payable

    When you make a payment: Debit Accounts Payable and Credit Cash

    If you make a payment within a discount period: Debit Accounts Payable for the full amount, Credit Cash for the amount paid and Credit Purchases Discount for the difference.

    If there is a return: Debit Accounts Payable for the amount returned and Credit Purchase returns & Allowances for the amount.
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