0
yes
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
Is the payment of account payable affect of cash?
Yes, generally a payment towards an account payable affects cash. Unless by some odd chance you are bordering "trading item for item" then you pay with cash. Cash will be credited the amount paid while the account payable will be debited the same amount.
What are the procedures account payable?
acoounting payable
Payments of accounts payable will have what affect on total assets?
Making a payment on an account payable will decrease cash. At the same time it will also decrease your liability for that same amount.
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 type of account is an accounts payable?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".
What is Accounts Payable the compliance?
account payable is the liability of creditor.
Is account payable asset or liability?
accounts payable is a liablity.
What are Accounts Payable and Notes Payable?
Accounts payable are the amounts owed to a supplier that the buyer holds an account with. Notes payable is the amount owed to creditors, that is, suppliers that the buyer does not hold an account with.
If the accounts payable account balance increase on the trial balance?
account payable increase on trial balance
What is the normal balance of a bonds payable account?
Normal balance of bonds payable account is credit account and it is shown under liability side of balance sheet because these are the amounts payable in future.
