Entries for reclass of debit balances of payables / Credit balances of recevables

[Egobrain]

Hello.

What is the correct entries for reclassification of debit balances of payables and credit balances of recevables? I got some different entries from different sources so i could not choose the right one.

thanks

 

[Fidget]

It depends on how the debit balance on payables and credit balance on receivables arose. You need to establish that for each of them before you can decide what to do with them.

 

[jackwallace]

It depends on how the debit balance on payables and credit balance on receivables arose. You need to establish that for each of them before you can decide what to do with them.

Thanks for the information. It really helped me!