0
To increase the balance in an Accounts Payable ledger you credit the account.
Wiki User
∙ 11y ago
Anonymous
you debit it
Add your answer:
Earn +20 pts
When a credit is posted to the accounts payable ledger what happens?
Accounts payable balance will increase
Where does accounts payable fall in accounting balance sheet general ledger chart of accounts?
Accounts payable is liability and fall under liability side of balance sheet.
What is the normal account balance for the accounts payable ledger account?
1. As accounts payable is the liability of the company to be paid in future so in this way like all other liabilities accounts balance, accounts payable has also credit balance.
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
What is a accounts payable ledger?
Just like normal people don't have just one bill, companies don't have one bill. For that reason, having just one "Account Payable" account for all their bill can be confusing, inefficient, and can lead to fraud. So, they establish what is called a "sub-ledger", in this case it's "accounts payable ledger". That account will have multiple accounts payable accounts and the end balance is shown in the general ledger as just "Accounts Payable". For Ex. there could be one for Insurance, office supplies, salary, and other accounts payable, etc.
When a credit is posted to the accounts payable ledger what happens?
Accounts payable balance will increase
Does an accounts payable ledger contain all of the balance sheet and income statements accounts?
No, the accounts payable ledger only contains information related to supplier accounts. The balance sheet and income statement accounts are contained in the general ledger.
Where does accounts payable fall in accounting balance sheet general ledger chart of accounts?
Accounts payable is liability and fall under liability side of balance sheet.
What is the normal account balance for the accounts payable ledger account?
1. As accounts payable is the liability of the company to be paid in future so in this way like all other liabilities accounts balance, accounts payable has also credit balance.
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
What is a accounts payable ledger?
Just like normal people don't have just one bill, companies don't have one bill. For that reason, having just one "Account Payable" account for all their bill can be confusing, inefficient, and can lead to fraud. So, they establish what is called a "sub-ledger", in this case it's "accounts payable ledger". That account will have multiple accounts payable accounts and the end balance is shown in the general ledger as just "Accounts Payable". For Ex. there could be one for Insurance, office supplies, salary, and other accounts payable, etc.
What is a subsidiary account for accounts payable?
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". So each vendor would be a subsidiary account of the accounts payable ledger.
What type of ledger is an accounts payable ledger?
Liability
The accounts payable ledger contains all of the balance sheet and income statement accounts.?
No, the AP ledger contains the listing of all the counterparties (e.g. vendors) the company owes money to. The AP ledger is what feeds AP on the balance sheet.
What is the normal balance of an account in the accounts payable subsidiary ledger?
Accounts receivables has debit balance as normal balance of account and shown in current assets in balance sheet.
What is forward sub ledger?
A forward sub ledger is the opening balance of your subledger. A subledger is known as the individual ledgers WITHIN the general ledger. For example, The debtors SUBLEDGER is also known as the detailed Debtors Trial balance or the Accounts receivable ledger The creditors SUBLEDGER is also known as the detailed Creditors Trial balance or the Accounts payable ledger
Which accounts belong in accounts payable ledger?
belong to credits
