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16 July, 18:54

How to do a journal entry in accounting

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  1. 16 July, 22:08
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    You should "Debit" one account in your general ledger and "Credit" another.

    Explanation:

    Example - you receive an invoice from your vendor for $100,000 (assuming non-VAT transaction). Your journal entry would look the following:

    Debit: Expense $100,000

    Credit: Accounts Payable $100,000
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