Dating and crediting accounts spinscape online dating
Accountants and bookkeepers often use T-accounts as a visual aid for seeing the effect of the debit and credit on the two (or more) accounts.
(Learn more about accountants and bookkeepers in our Accounting Career Center.) We will begin with two T-accounts: Cash and Notes Payable.
The entry for 9/17 is a compound journal entry, composed of two lines for the debit and one line for the credit.
Since this was the payment on an account payable, the debit should be Accounts Payable.
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(In May the company recorded the sale and an accounts receivable.) On June 3 the company will debit Cash, because cash was received. Entering this information in the general journal format, we have: All that remains to be entered is the name of the account to be credited.
Since this was the collection of an account receivable, the credit should be Accounts Receivable.