Notes payable is same like Accounts Payable a liability of business and it is shown under current liability section of balance sheet.
Normally no, notes payable is something the company owes that affects Owners Equity, wages do not, they effect Retained Earnings. Wages payable and wage expenses are accounts you find on the Income Statement, while Notes Payable is on the Balance Sheet.
debit accounts payable 250credit notes payable 250
true
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
fo Big lots have any notes payable for the year 2012.
Normally no, notes payable is something the company owes that affects Owners Equity, wages do not, they effect Retained Earnings. Wages payable and wage expenses are accounts you find on the Income Statement, while Notes Payable is on the Balance Sheet.
Debit accounts payableCredit notes payable
debit accounts payable 250credit notes payable 250
No. Accounts payable is a liability account, which is used in the balance sheet.
debit cashcredit notes payable
true
deductions
The phrase notes payable is a result of a purchase made by a business and is a form of receipt.
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
debit cashdebit discount chargescredit notes payable account
fo Big lots have any notes payable for the year 2012.
Notes payable has credit balance as normal balance so credit will increase the notes payable balance.