The journal entry is debiting postage expense of 50 and credit petty cash of 50. Accountant has used the petty cash to pay for the postage, so it will impact the petty cash balance and postage expense. Please prepare the journal entry for the postage paid. When the company makes payment to the consultant, they will record debiting accounts payable 10,000 and credit cash 10,000. The journal entry is debiting consulting expenses 10,000 and credit accounts payable 10,000. Consequently, no message to accounting is sent and no journal entry is created for this expense report. The cost of postage is 50, the accountant has paid the from the petty cash account. The comapny should record the consulting fee as an expense on the income statement. credit = debit, neither an expense item nor a paid invoice expense item are created. In this case, the Expense Account is taken for debit line in the journal entry and the Offsetting Account for Paid Expenses is taken for credit in the journal entry. You see that the account determination group maintained for Expense Account and Offsetting Account for Paid Expenses are the same. Find the expense type being used in the report.On the payment date, company will reverse the accounts payable and cash paid. It also recognizes accounts payable of 5,000 on the balance sheet. The transaction will increase expenses by 5,000 on the income statement. Go to Business Configuration work center. The journal entry is debiting advertising expenses 5,000 and credit accounts payable 5,000.In order to check the account determination groups maintained for the expenses, proceed as follows: Therefore, the debit and credit lines would derive the same G/L Account for the same amount posting. The expenses in this expense report are paid by company, however the account determination group associated for expense posting and for offsetting posting is the same.
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