Ask Experts Questions for FREE Help !
Ask
    Rennie's Avatar
    Rennie Posts: 11, Reputation: 1
    New Member
    		  
    #1

    Aug 14, 2007, 05:07 AM
    Journal entry to record in transaction
    July 9th Office Supply Corp delivers furniture ($1,060) and expendable office supplies ($160) to Random
    Leaving an invoice for $1220.

    The journal entry to record the July 9th transaction will include a credit of $1,220 to what account??

    I’m pretty sure that it’s Accounts Payable.
    But I'm not to sure...
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Aug 14, 2007, 07:55 PM
    The question is who are you making the JE for? From the sounds of it, you are the company that delivered the goods, NOT received them.

    Therefore, you would:
    Dr. AR
    Cr. Sales

    If you are Random (the company who received the goods), you would credit AP, but I do not believe that is the case here.
    bhet's Avatar
    bhet Posts: 77, Reputation: 9
    Junior Member
    		  
    #3

    Aug 16, 2007, 07:23 AM
    Dr. Furniture 1060
    dr. supplies 160
    Cr. Accounts payable
    wandamorris's Avatar
    wandamorris Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Dec 12, 2007, 07:57 AM
    Quote Originally Posted by Rennie
    July 9th Office Supply Corp delivers furniture ($1,060) and expendable office supplies ($160) to Random
    Leaving an invoice for $1220.

    The journal entry to record the July 9th transaction will include a credit of $1,220 to what account????

    I’m pretty sure that it’s Accounts Payable.
    But i'm not to sure....
    Accounts payable is correct
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Journal Entry to Record Estimated Quarterly Income tax [ 5 Answers ]

I need to record an estimated quarterly income tax payment and am not sure of what the entry would be. Any help would be greatly appreciated. Dr?? Cr Cash for the payment Thanks

How do I record a journal entry when a customer pays for a product I don't have yet? [ 3 Answers ]

I work for a company where the customer has to pay me in advance before getting their product. I have to order the product from the wholesaler after I receive the money. I sold a product for $14.84, $7.00 will be profit, and $7.00 and $0.84 in taxes are going to be sent to the wholesaler for the...

Record of Allowance for Doubtful Accounts entry [ 3 Answers ]

If a firm discovers that one of its accounts totaling $350 should be written off as uncollectible, if using an aging of receivables, the firm determines that the ending balance of the Allowance for Doubtful Accounts should be ($1,000). I'm also given that these is already $828 in Allowance for...

General Journal transaction [ 1 Answers ]

How do you post the followng transaction in the general journal? Deposited registration fees

I need help with a transaction involving more than one journal entries, Please Help! [ 1 Answers ]

I have a transaction that I know requires me to do more than one thing when recording it into my journal entries. I am doing a Project for my financial Accounting course and I would appreciate any kind of help. Thanks! Here's the transaction... Purchased office equipment for $15,600. Paid...

View more questions Search