Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account 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.
acoounting payable
account payable account debit to bank account
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".
accounts payable is a liablity.
account payable is the liability of creditor.
Accounts payable are the amounts owed to a supplier that the buyer holds an account with. Notes payable is the amount owed to creditors, that is, suppliers that the buyer does not hold an account with.
account payable increase on trial balance
Normal balance of bonds payable account is credit account and it is shown under liability side of balance sheet because these are the amounts payable in future.
Accounts Payable releted to Creditors and Bills payable releted to bank.
A liability account is anything the company owes. Accounts Payable, Notes Payable, these are two examples of a liability account. Unearned Revenue is another example of a liability account. Unearned revenue is revenue a company has received but has not yet fulfilled their obligation to the customer. Because the company is now liable for either providing the product (or service) to the customer or refunding the money paid by said customer, it is a liability account until all obligations are fulfilled.