Paid On Account Journal Entries
Paid On Account Journal Entries refers to those B usiness Transactions that take place on credit or these do not involve cash paid or received immediately. Such Journal Entries examples are shown below: 1. When Goods Purchased On Credit From Merchandising Company In that case, the Journal Entry is to debit the Purchases Account and credit the Accounts Payable Account as shown below: Purchases a/c XXX Accounts Payable a/c XXX ...