Want this question answered?
no
NO, Account payable is a balance sheet item it does not appear in the income statement.
No, bills payables is not a real account but it is a personal account .My answer:Bills receivable is a real account. Bills receivable for one person is bills payble for another person. The same instrument cannot be Real for one person and personal for another. Hence, in my opinion Bills payable is also a real account.
Office supplies acct is an account that you book as payables and a offfice supplies expense account is a Liability Account on your Chart of accounts
net Accounts Receivable will be overstated.
Account payable are a source of cash because when you increase your account payables, you are given credit on the assets you bought, which represent cash.
stock subscription payables is debt ?
Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
The assets in the balance sheet will be understated as prepayment is under the assets account.
Yes, payables are those that are not yet payed or plainly, a liability. ;3
If inventory is understated, net income is also understated because cost of goods sold will be overstated
No they will be overstated as depreciation will not have been taken into account.