Ask Experts Questions for FREE Help !
Ask
    jude1010's Avatar
    jude1010 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Jun 6, 2007, 11:25 AM
    General Ledger
    How do I post to General Ledger:

    October 2 Ordered cleaning suuplies, $500

    October 7 Received the cleaning supplies ordered on October 2 agreed to pay half the amount in 10 days and the rest in 30 days?
    goldenbutterfly's Avatar
    goldenbutterfly Posts: 63, Reputation: 8
    Junior Member
    		  
    #2

    Jun 7, 2007, 02:19 AM
    No entry yet on Oct 2.

    Oct 7 dr. Cleaning Supplies 500
    Cr. Accounts Payable 500

    No entry to record agreement of payment terms.

    If payments were actually made on the agreed dates, then:

    Oct 17 dr. Accounts Payable 250
    Cr. Cash 250

    Nov. 6 dr. Accounts Payable 250
    Cr. Cash 250
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!

Transferring from General Journal to the General Ledger [ 1 Answers ]

When transferring from the General Journal to the General Ledger which cash items do you transfer .:confused:

General ledger entry [ 5 Answers ]

The transaction is: Pays Green Jacket Co. on account. What 2 ledgers would I use?

Posting to General Ledger [ 1 Answers ]

I need to post to General Ledger the following: 21 Billed customers for cleaning offices $670 29 Received $300 from the cusomters billed on the 21 How do I post these?

Posting to General Ledger [ 1 Answers ]

I need to post to General Ledger the following: 21 Billed customers for cleaning offices $670 29 Received $300 from the cusomters billed on the 21 How do I post these?

View more questions Search