On 12/30/18 11:42 AM, gn00b wrote:
Someone owes me $100 (Accounts Receivable). But instead of paying me $100,
they pay for an expense of mine worth $100. How would I journal this
transaction?
At some point you would have booked a transaction to create a short-term
receivable asset with a value of $100 and the other side against
whatever you used to lend them the money (cash, checking account,
credit-card, etc). Let's say you gave cash out of your wallet (also an
asset account:
Asset:Cash CR $100
Asset:Receivable DR $100
When that person pays your expense (say they pay $100 for your cable bill):
Expense:Cable DR $100
Asset:Receivable CR $100
Note: If they also paid interest of $5.00 for the use of that money
then the last would become:
Expense:Cable DR $105
Asset:Receivable CR $100
Income:Interest CR $5
--Steve
--
Stephen M Butler, PMP, PSM
stephen.m.butle...@gmail.com
kg...@arrl.net
253-350-0166
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