debit equipmentcredit accounts payable
debit purchases / goodscredit cash / bank / accounts payable
general journal
[Debit] Purchases [Credit] Cash / bank / accounts payable
debit Cashcredit notes payable
debit accounts payableCredit cash / bank
debit equipmentcredit accounts payable
debit purchases / goodscredit cash / bank / accounts payable
general journal
[Debit] Purchases [Credit] Cash / bank / accounts payable
debit Cashcredit notes payable
debit cashcredit notes payable
Liability Accounts record obligations of a business towards its creditors. Examples of liability accounts are Accounts Payable, Interest Payable, Wages Payable. These accounts appear on the balance sheet.
debit goods purchased (at trade discount amount)credit cash / bank / accounts payable
[Debit] Purchases xxxx [Credit] Cash / bank xxxx [Credit] Accounts payable xxxx (if purchased on credit)
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the... Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year.
Debit (decrease) accounts payable and then credit (decrease) cash. Accounts receivables are the money that is owed to a business, accounts parables 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."