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Journal and account title

label Accounting
account_circle Unassigned
schedule 0 Hours
account_balance_wallet $5

Paid $1,000 cash on amount owed for a truck and $500  on the amount owed for supplies. How would this be entered in a journal and which title account?

Oct 21st, 2017

Debit accounts payable 1500

Credit cash 1500

You might have slightly different accounts (if it was a note, etc), but most of the time it's under the general Accounts Payable. 

Apr 26th, 2015

Thanks again Kelsey its a continuation from my first question. I'm glad you are there to help shed some light on this subject

Apr 26th, 2015

Glad to be able to help. Since these assets are already recorded, that's why only the liability and cash are affected for this entry. 

Apr 26th, 2015

When might an accountant use cash basis accounting without violating generally accepted accounting principles?

Oct 10th, 2015

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Oct 21st, 2017
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Oct 21st, 2017
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