0
I am assuming you meant "when" a payable is paid?
A "payable" is a liability to the company, it is something they owe. For example, Account Payable. Liabilities maintain a credit balance, meaning they increase with a credit and decrease with a debit.
In short, when you "pay" the payable, you are decreasing what you owe by the amount paid and therefor will "debit" the payable account.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What entry of outstanding salary paid?
[Debit] Accrued salary payable [Credit] Cash / bank
Journal entry for rent payable?
[Debit] Rent Expense[Credit] Rent payableWhen rent paid[Debit] Rent payable[credit] Cash / bank
Is payable debit or credit?
payable is credit
Does interest payable a debit or credit?
Interest payable is debit.
When does debit balance in account payable?
As accounts payable has a credit balance as normal balance so it has credit balance until not paid but it may have debit balance as well in case when payment is made for more than actual accounts payable which create negative balance or debit balance.
What entry of outstanding salary paid?
[Debit] Accrued salary payable [Credit] Cash / bank
Journal entry for rent payable?
[Debit] Rent Expense[Credit] Rent payableWhen rent paid[Debit] Rent payable[credit] Cash / bank
Does a credit to accounts payable represents cash paid to creditors?
No actually... Cash paid to credits should credit cash account and debit payable account
Does credit to accounts payable represents cash paid to creditors?
No actually... Cash paid to credits should credit cash account and debit payable account
Does a credit to accounts payable represent cash paid to creditors?
No actually... Cash paid to credits should credit cash account and debit payable account
Is payable debit or credit?
payable is credit
Does interest payable a debit or credit?
Interest payable is debit.
What is the journal entry if an owner makes payments on a company loan and he will not be reimbursed by the company?
debit loan accountcredit owners equityDebit Loan Payable Debit Interest Expense Credit Paid in Capital
When does debit balance in account payable?
As accounts payable has a credit balance as normal balance so it has credit balance until not paid but it may have debit balance as well in case when payment is made for more than actual accounts payable which create negative balance or debit balance.
What would be the accounting entry for an unpaid FBT liability?
You would debit FBT expense on your Profit and Loss and credit the FBT payable account - then when the liability is paid you would Debit FBT payable and credit bank
Is salary payable a asset or liability?
The key word is "payable". This makes salary payable a liability until it is fully paid. There are two entries for a Salary Payable, the original Journal Entry to record when the payable occurs and the Adjusting Entry to record when the balance is paid. Entry to record: Salary Expense (debit) $$$ Salary Payable (credit) $$$ Entry to pay: Salary Payable (debit) $$$ Cash (credit) $$$ yes
Is mortgage payable is credit or debit?
credit
