Subcontractor Invoices

Code: 2147
👁 Views: 45

Account Information

Account Type Statement of Financial Position
Normal Balance Credit

Definition

Subcontractor invoices for completed works

Common Journal Entries

Record subcontractor invoice

Dr. Subcontract Cost
Cr. Subcontractor Invoices

Pay subcontractor invoice

Dr. Subcontractor Invoices
Cr. Bank Account

Deduct withholding tax from subcontractor

Dr. Subcontractor Invoices
Cr. Withholding Tax
Cr. Bank Account

Return subcontractor invoice for correction

Dr. Subcontractor Invoices
Cr. Subcontract Cost

Record subcontractor invoice

Dr. Subcontract Cost
Cr. Subcontractor Invoices

Pay subcontractor invoice

Dr. Subcontractor Invoices
Cr. Bank Account

Deduct withholding tax from subcontractor

Dr. Subcontractor Invoices
Cr. Withholding Tax
Cr. Bank Account

Return subcontractor invoice for correction

Dr. Subcontractor Invoices
Cr. Subcontract Cost