i need to make a journal entry to void an invoice from last year. debit sales, and credit....what?
2006-09-13 03:49:28 · 8 answers · asked by :) 4 in Business & Finance ➔ Small Business
If this is an invoice from your company to a customer, you would need to debit sales and credit Accounts Receivable by issuing a credit memo through your accounts receivable system.
If you're voiding an invoice from a vendor that you purchased something from, the journal entry is a debit to Accounts Payable (by issuing a debit memo through the accounts payable system) and crediting the expense account that was originally debited.
2006-09-13 05:04:12 · answer #1 · answered by SuzeY 5 · 1⤊ 0⤋
I assume the invoice was a sale to a customer. in that case a sale is a increase in company funds to negate this post a journal entry to debit the company
2006-09-13 11:02:43 · answer #2 · answered by steevo 3 · 0⤊ 0⤋
Find that invoice in the journal and see what the debits and credits were. Then reverse them. My guess would be, you'd have to credit accounts receivable...
2006-09-13 11:38:33 · answer #3 · answered by NC 7 · 0⤊ 0⤋
Debit accounts receivable. Credit sales.
2006-09-13 10:55:46 · answer #4 · answered by Reme 2 · 0⤊ 0⤋
DR - Bad Debt - Note the customer's name
CR - Accounts Rec
2006-09-13 11:06:40 · answer #5 · answered by MARY L 5 · 0⤊ 0⤋
Credit would be the customer.
2006-09-13 10:52:55 · answer #6 · answered by meiguanxi :) 4 · 0⤊ 0⤋
oh my.... are you an intern? you shouldn't be working in the accounting dept if you don't know that! Geezz...
2006-09-13 10:53:01 · answer #7 · answered by ♥ Karen ♥ 4 · 0⤊ 1⤋
purchases
2006-09-13 10:57:48 · answer #8 · answered by yehia 1 · 0⤊ 0⤋