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What are the accounting journal entries to record a purchase of advertisement on credit with payment on the next month?

In: Accounts Payable [Edit categories]

Answer:

I am not sure but, if you are taking ACT 101 IN Harper College, the answer is going to be expense for $ 85.

It means that you have to put $85 to note payable section, and then you also have to put $85 to expense account to subtract the amount.

In other words, for the account of May 27, $85 is going to be on the Note payable account of Liabilities part, and you should put down the ($85) at the expense that is on the same line.

First answer by PaigePossum. Last edit by Ilkwon2s. Contributor trust: 0 [recommend contributor ]. Question popularity: 1 [recommend question].

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