Journal Entry for Accounts Payable, The journal entry for an account payable and accounts receivable will depend on the specific transaction that is being recorded. However, here are some general examples of journal entries for these accounts:
Journal entry for account payable (when a company purchases goods or services on credit):
Debit: Expense account
Credit: Accounts Payable
For example, if a company purchases office supplies on credit for Rs.1,000, the journal entry would be:
Debit: Office Supplies Expense Rs.1,000
Credit: Accounts Payable Rs.1,000
Journal entry for accounts receivable (when a company sells goods or services on credit):
Debit: Accounts Receivable
Credit: Revenue account
For example, if a company sells goods to a customer on credit for Rs.2,000, the journal entry would be:
Debit: Accounts Receivable Rs.2,000
Credit: Sales Revenue Rs.2,000
It is important to note that the above examples are simplified journal entries and that the actual journal entries for accounts payable and accounts receivable may be more complex depending on the specific transaction and the accounting system used by the company. Additionally, the timing of the journal entries for these accounts may vary depending on when the goods or services are received or delivered.
