p2p entiries

Common interview question about accounting entries, pls remember this.

1. When Asset Item is received:-

Receiving Inventory Account Dr

To Inventory A/P Accrual Account Cr

2. When Item is Delivered to Asset:-

Asset Clearing Account Dr

To Receiving Inventory Account Cr

3. When Invoice for Asset Item is created in Accounts Payable:-

Inventory A/P Accrual Account Dr

To Account Payable Liability Account Cr

4. When Invoice is paid in Accounts Payable:-

Account Payable Liability Account Dr

To Bank Account Cr

Common interview question about accounting entries, pls remember this.

1. When Asset Item is received:-

Receiving Inventory Account Dr

To Inventory A/P Accrual Account Cr

2. When Item is Delivered to Asset:-

Asset Clearing Account Dr

To Receiving Inventory Account Cr

3. When Invoice for Asset Item is created in Accounts Payable:-

Inventory A/P Accrual Account Dr

To Account Payable Liability Account Cr

4. When Invoice is paid in Accounts Payable:-

Account Payable Liability Account Dr

To Bank Account Cr