The accountant provided adjusting journal entries and one is for rent expense that was booked in current fiscal year but he made an adjustment to book it in previous year end. The entry is Accounts Payable (credit) and Rent Expense (Debit). When I enter the vendor name it now shows payment is due to that vendor but this is incorrect. Payment has been made. How to correctly enter this.
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I know you teach this, but the OP is asking about a year end adjusting entry from the Accountant - not creating a JE to record rent.
Hope you can help. My A/P is low by about $2,000 and has been for years. The sum of outstanding invoices is $2,000 higher than the balance in AP on the Balance Sheet. Can I adjust A/P without creating a bill payable? I can create a bill charging Misc. Expense and using vendor name "Misc". A/P is then correct, but the bill shows up when I "Pay Bills" How can I eliminate it without impacting A/P and Cash?