Question

On March 3, Complete Computer Service made a $300 payment
on the Accounts Payable for a previous purchase on the
account.
The journal entry to record this transaction would be:

Answer 1

The journal entry to record this transaction would be:

Dr. Accounts payable $300

Cr Cash                                      $300

What was the initial journal entry for purchase on the account?

Initially, when Complete Computer Service purchased on account from the suppliers, the journal entry was a debit to inventory  and a credit to accounts payable. An asset was debited and liability was credited.

However, when the payment of $300 was made, the accounts payable credit made initially would be reversed by a debit entry whereas the cash account would be credited to indicate a decrease in cash balance.

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