Accounts Payable Journal Entry, Flow Chart & Invoice Processing Video & Lesson Transcript
The balance in this account is currently $20,000, because no other transactions have affected this account yet. The $1,000 debit shows that your total office supplies expenses increased by $1,000. The $1,000 credit to the cash account represents the money leaving your business’s bank account. For instance, if an organization purchases $4,000 worth of equipment […]
