on account number 46152881 I need to know is there is disability insurance on this account, the account holder is on disability for 4 to 6 months because of rotor cuff repair and was more serious than most.
[Debit] Accounts payable [Credit] Cash / bank
When an item is purchased on credit accounts payable increases. For example if you purchase something for $250 on credit this is the entry to increase accounts payable. Purchases 250 Accounts Payable 250 When you pay for your purchases it will decrease accounts payable. Accounts Payable 250 Cash 250
Accounts Payable is a Liability and therefore its normal balance is a Credit on the Balance Sheet
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
When company purchases more goods on credit then it increases the accounts payable as goods will be debit and accounts payable will be credit.
[Debit] Accounts payable [Credit] Cash / bank
When an item is purchased on credit accounts payable increases. For example if you purchase something for $250 on credit this is the entry to increase accounts payable. Purchases 250 Accounts Payable 250 When you pay for your purchases it will decrease accounts payable. Accounts Payable 250 Cash 250
Accounts Payable is a Liability and therefore its normal balance is a Credit on the Balance Sheet
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
When company purchases more goods on credit then it increases the accounts payable as goods will be debit and accounts payable will be credit.
Accounts payable balance will increase
Credit sales referes to sales and accounts payable referes to bank
[Debit] Purchases [Credit] Accounts payable
Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased, or overstatement of purchased merchandise.
[Debit] Purchases account [Credit] Accounts Payable
account payable
Accounts Payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.