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    mccoolr901's Avatar
    mccoolr901 Posts: 2, Reputation: 1
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    #1

    Mar 1, 2011, 10:51 AM
    Intro to Accounting Question
    Im in college, this is my first semester and I was just wondering. When you have an expense that has'nt been paid for what do you do? Does it go under the expense and the accounts payable?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Mar 1, 2011, 03:59 PM

    Yes, the jounal will be:
    Debit the appropriate expense account for the amount
    Credit Accounts Payable for the amount.

    When the bill is paid the journal entry will be:
    Debit Accounts Payable for the amount of payment
    Credit Cash for the amount of payment.
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