Using an Agency Credit Card for Payments - TRAMS, Inc.
Using an Agency Credit Card for Payments - TRAMS, Inc.
Using an Agency Credit Card for Payments - TRAMS, Inc.
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Section 4 - Paying the <strong>Agency</strong> <strong>Credit</strong> <strong>Card</strong> Bill When There is a <strong>Credit</strong> Bal<strong>an</strong>ceSection 2 outlines how to pay the agency credit card, when itemizing each of the expenses. In this section we take a look atwhat happens when you have a credit card statement that has a combination of new charges <strong>an</strong>d a credit <strong>for</strong> a previouscharge.In month one, the agency receives the following Visa Statement.Visa StatementOffice Supply Store $325.00ABC Printing 75.00ACME Parking 250.00Light Comp<strong>an</strong>y 45.00Total Charges: $695.00The journal entry below would be created when the statement is paid:Account Debit <strong>Credit</strong>Checking 695.00Office supplies 325.00Printing expense 75.00Parking 250.00Utilities 45.00In the next month if the agency received the following statement, since there is no check to be issued, create a journal entry,entering a debit <strong>for</strong> each new charge.Visa StatementOffice Supply Store -$325.00ACME Parking 250.00Light Comp<strong>an</strong>y 45.00Total Charges: $-30.00Page 21 of 25 7/31/2009
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