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Your client has recorded a bill for $100 in quickbooks online for some supplies they bought from walmart. when reviewing their bank feed, you see an item for $100 paid to walmart dated the same as the bill transaction. which action should you take

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chilljain33

As an accountant, the bill of $100 for supplied bought from Walmart shall be verified, and a journal entry shall be made where the Supplies and Inventories shall be debited, and cash shall be credited.

What is a journal entry?

A systematic manner of recording the financial transactions of an organization in a chronological way, for the purpose of maintenance of accounting records, is known as a journal entry.

In case when an organization purchases inventories or supplies for cash payment, it is an expense for them, and thus it supplies balance is debited and cash balance will be credited.

Hence, the significance of journal entry for the given transaction shall be made in the manner as given above.

Learn more about a journal entry here:

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