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No, bills payables is not a real account but it is a personal account .
My answer:
Bills receivable is a real account. Bills receivable for one person is bills payble for another person. The same instrument cannot be Real for one person and personal for another. Hence, in my opinion Bills payable is also a real account.
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∙ 14y ago
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Is bills receivable real account?
Bills receivable is a real account. When acceptance is received, Bills receivable account is debited (debit what comes in). When the bill is discounted or returned to acceptor at the time of maturity, Bills receivable account is credited (credit what goes out).
What is stretching payables?
Paying bills as late as possible without damaging the firm's credit rating.
What is the difference between office supplies account and office supplies expense account?
Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
Why do accounts payable provide a source of cash?
Account payable are a source of cash because when you increase your account payables, you are given credit on the assets you bought, which represent cash.
What is the nature of account payable?
Accounts receivables are the money that is owed to a business, accounts payables are the invoices or bills that a company has incurred and must pay to their vendors or suppliers. A/R Accounts...the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger"....
Is credit sales in account payables?
no
Is bills receivable real account?
Bills receivable is a real account. When acceptance is received, Bills receivable account is debited (debit what comes in). When the bill is discounted or returned to acceptor at the time of maturity, Bills receivable account is credited (credit what goes out).
Is bills payble account is a real account?
Bill payable is a personal account and only cash and bank accounts are real accounts in accounting.
What is stretching payables?
Paying bills as late as possible without damaging the firm's credit rating.
Does account payables appear on the income statement?
NO, Account payable is a balance sheet item it does not appear in the income statement.
What is bills receivables and bills payables?
Accounts Receivable = money someone owes to you (you receive money in) Accounts Payable = money you owe to someone else (you pay money out)
What is the difference between office supplies account and office supplies expense account?
Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
Why do accounts payable provide a source of cash?
Account payable are a source of cash because when you increase your account payables, you are given credit on the assets you bought, which represent cash.
What is the nature of account payable?
Accounts receivables are the money that is owed to a business, accounts payables are the invoices or bills that a company has incurred and must pay to their vendors or suppliers. A/R Accounts...the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger"....
Stock subscription payables is debt?
stock subscription payables is debt ?
How do you account for goods received and invoice received?
Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
Is there a mechanic shop that will let us pay out the costs?
Are you kidding! They, just like you, have to pay their bills. They have overhead costs of payroll, taxes, insurance, accounts payables etc..
