I am doing a journal entry to an already existing account. I know the credit side is to the account but not sure what account to debit. It is a long term liability account and I am adding to the long term liability so I am crediting the account but what do I debit? Anyone help me with this? Thank you
If you are adding to the liability, that means you borrowed for some reason. The account that gets the debit is the reason for the increase in liabilities. I would guess you bought an asset, or borrowed money (banking)
It is a credit card debt that is owed and I just added another credit card balance to the account so what would the debit be if the credit is to the long term liability? The account is a long term liability account labeled Investors payable credit card and I just added to it with a journal entry.
It is a credit card debt that is owed and I just added another credit card balance to the account so what would the debit be if the credit is to the long term liability? The account is a long term liability account labeled Investors payable credit card and I just added to it with a journal entry.
It is an old credit card debt that is now going to be paid back so what the credit card was used for is a multiple of things that I don't know so what do I do then?
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
