During the month your company paid for gasoline for the company vehicles using the company credit card issued by First Bank. Match the journal entries that are prepared behind the scenes with the corresponding transaction or event that has occurred in QBO. Record purchases on credit card as an Expense Transaction. Answer 1 DR: Gasoline expense, CR: Credit Card payable Reconcile the credit card account and enter a bill for payment later. Answer 2 Choose... Pay the credit card bill with a check

1. Record purchases on credit card as an Expense Transaction.

The Gasoline purchase is an expense so it is debited to an expense account. The purchase was paid for by the Credit Card which is a liability so it will be credited.

2. Reconcile the credit card account and enter a bill for payment later.

As the credit Card is a liability it will need to be accounted for as an Accounts Payable.

3. Pay the credit card bill with a check

When paying for the credit card bill, the Accounts payable will be debited to recognize the reduction in Accounts payable. The checking account is credited to recognize a reduction in money in the bank account.

a. primarily outdoors, responding to emergencies and protecting people.

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