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Can someone help you with this you have to put these under cash above assets supplies and accounts payable under liabiabilties and owners equity.... the other part is in question 2?
Augustbmc
You obviously have something confused and either need to word your question properly, or speak to your instructor.
Wiki User
∙ 15y ago
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What does the accounts payable department do?
The accounts payable is part of a company's accounting department. Accounts payable makes payments to outside firms that supplies it with a service or product.
What is journal entry for supplies bought on account?
Debit supplies inventoryCredit accounts payable
What is a list of the Permanent Accounts in Accounting?
Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Wages Payable, Capital
What account type is accounts payable?
Accounts payable is a liability account. When something is purchased on account it falls under this category such as purchasing $10,000 worth of office supplies on account. You would debit the office supplies account under assets and credit accounts payable under liabilities.
How do you journalize office supplies on account?
Debit office suppliesCredit Accounts Payable
When do you create an accounts payable account?
When any company purchases supplies or materials on credit from vendors then accounts payable are created and it is shown in liability side of balance sheet. If goods are not purchased on credit then no accounts payable will be created. Accounts payable are created to fulfill the matching concept of accrual accounting system.
Is an electricity account an example of a trade account payable?
No Electricity account is non-trade accounts payable as trade accounts payable are those suppliers only from which company purchase supplies for sale purpose.
What is the journal entry of accounts payable?
debit purchasescredit accounts payable*For purchases (supplies, office materials, etc.) on accountPurchases xxAccounts Payable xx*During payment of purchases on accountAccounts Payable xxPurchases xxNOTE: Journal entries depends on the accounts involved, like: Taxes, discounts and other stuffs. ^^
How do you journal entry office supplies on account?
Debit office suppliesCredit accounts payable
What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
Accounts payable and Cash accounts
Are creditors accounts payable or accounts receivable?
Accounts Payable
Who is responsible for posting authorized credits to accounts payable?
Accounts Payable clerk
