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    renudraman's Avatar
    renudraman Posts: 2, Reputation: 1
    New Member
    		  
    #1

    May 8, 2009, 07:26 AM
    Accounting Journal Entry
    Hi,

    Kindly let me know the journal entry required to pass in case of the below scenario. I know this is simple but wanted a clarification.

    What entry would be passed in case an invoice is paid against a particular purchase order for the purchases made for 500$.
    ronaldhyd's Avatar
    ronaldhyd Posts: 8, Reputation: 1
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    #2

    May 9, 2009, 12:11 AM
    Accounts payable A/c Dr.
    To Bank A/c Cr.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    May 9, 2009, 01:46 AM

    That depends. Was the invoice ever charged and put into payables to begin with? If so, then yes you debit payables. If not, then it needs charged to an appropriate expense account or asset account, or whatever it is the purchase order is for.
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