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A claim against a customer for sales made on credit is an account payable?
Wiki User
∙ 12y ago
yes
Wiki User
∙ 12y ago
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What is the debit and credit in made a payment on accounts payable?
account payable account debit to bank account
How to write off account payable?
You can right off accounts payable by either: -Paying the balance, -Entering a credit memo against the open balance.
What is the journal entry of credit purchase?
[Debit] Purchases account [Credit] Accounts Payable
When paying on credit is that classified as accounts payable or receivable?
account payable
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
What is the debit and credit in made a payment on accounts payable?
account payable account debit to bank account
How to write off account payable?
You can right off accounts payable by either: -Paying the balance, -Entering a credit memo against the open balance.
What is the journal entry of credit purchase?
[Debit] Purchases account [Credit] Accounts Payable
When paying on credit is that classified as accounts payable or receivable?
account payable
Accounts payable is considered a what on trial balance credit or debit?
An account payable is a liability and would be considered a credit. Remember liabilities maintain a credit balance. Even when listing on the Trial Balance, all liabilities (including accounts payable) will be shown as their actual type, hence account payable is a credit.
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
Does credit from supplier decrease account payable account?
No, it increases the liability account.
What a payable is paid is it a debit or credit?
I am assuming you meant "when" a payable is paid?A "payable" is a liability to the company, it is something they owe. For example, Account Payable. Liabilities maintain a credit balance, meaning they increase with a credit and decrease with a debit.In short, when you "pay" the payable, you are decreasing what you owe by the amount paid and therefor will "debit" the payable account.
Accounts payable vs bills payable?
account payable is a current liability for item purchased on credit
Does a credit to accounts payable represents cash paid to creditors?
No actually... Cash paid to credits should credit cash account and debit payable account
Does credit to accounts payable represents cash paid to creditors?
No actually... Cash paid to credits should credit cash account and debit payable account
Does a credit to accounts payable represent cash paid to creditors?
No actually... Cash paid to credits should credit cash account and debit payable account
