For example, if the credit card purchases had not been previously entered, then there will be debits to the accounts that are appropriate for the charges. Let's assume that one credit card transaction was for an enrollment fee for a seminar. That amount might be debited to Seminars & Conventions Expense. If the other credit card transactions were for airline tickets and hotels, you might debit the account Travel Expenses for those amounts.
However, it is possible that the credit card bill was recorded in the accounts prior to paying the credit card bill. Using the example above, the accountant may have debited Seminars & Convention Expenses and Travel Expense, and credited Credit Card Payable at the time the bill or statement was received. If the credit card bill is paid two weeks later, the payment will be recorded with a debit to Credit Card Payable and a credit to Cash.
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