Journalize paying 1300 on account

Answer 1

To journalize the payment of $1,300 on account, you would typically make the following entry in your accounting records:

Date: [Enter the date of the transaction]
Account Debited: Accounts Payable
Debit Amount: $1,300
Account Credited: Cash (or Bank)
Credit Amount: $1,300
Description: Paid on account

Here’s how it would look:

Date          Account Titles and Explanation         Debit       Credit
[Date]       Accounts Payable                        1,300
             Cash (or Bank)                                     1,300
             Paid on account

This entry decreases your Accounts Payable (liabilities) and decreases your Cash (or Bank) (assets) by $1,300.