0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What accounts are affected when paying on account?
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
How are the accounts in the accounts payable ledger arranged?
by the amount owed to each vendor
What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
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 accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
What accounts are affected when paying on account?
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
How are accounts in Accounts Payable Ledger arranged?
by the amount owed to each vendor
How are accounts in the accounts payable ledger arranger?
by the amount owed to each vendor
How are the accounts in the accounts payable ledger arranged?
by the amount owed to each vendor
What is the journal entry to correct a payment of a bill which was paid to another vendor in error?
[Debit] Correct Vendor [Credit] Wrong Vendor Only Vendor accounts will be adjusted as cash or bank account is already charged correctly.
The accounts in the Accounts Payable Ledger are arranged?
by the amount owed to each vendor
What accounts are affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
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 accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
How is accounts payable is created?
Is the your Accounts Payable dept created when your company purchases goods or service from a established vendor or credit
How is the accounts payable created?
Is the your accounts payable dept created when your company purchases goods or service from a established vendor or credit
