Cheques paid: debit or credit?

by Anonymous

Q: Do you debit or credit cheques paid (to another)?

Cheques paid means less money in your bank account (asset), so you debit bank.

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Correct Entry
by: Accountaholic

You would debit Notes Payable and credit Cash/cheque

by: Anonymous

No, Cheque is credit because the money out of the business.

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