0
What else can I help you with?
Is credit sales in account payables?
no
Does account payables appear on the income statement?
NO, Account payable is a balance sheet item it does not appear in the income statement.
Is bills payables a real account?
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.
What is the difference between office supplies account and office supplies expense 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
If the amount of uncollectible account expense is understated at year end?
net Accounts Receivable will be overstated.
Why do accounts payable provide a source of cash?
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?
stock subscription payables is debt ?
How do you account for goods received and invoice received?
Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
Is payables a liability?
Yes, payables are those that are not yet payed or plainly, a liability. ;3
What happens to my financial statement if I don't record a prepayment?
The assets in the balance sheet will be understated as prepayment is under the assets account.
Is An explanation of an event an account of its causes?
an account of its causes is remembering what it causes but an explanation is what it actually is not what it causes!...i think
What happens to net income if inventory is understated?
If inventory is understated, net income is also understated because cost of goods sold will be overstated
