An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe". ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability. Rahul
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability.
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.
It represents you paying all of your credits or loans... meaning, you used your cash to pay for your loans(accounts payable). And this will make cash a Credit and Accounts Payable Debit. Basically using cash to deduct your account payable.
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the very same thing, hence the term "payable". Though some payable accounts change from being a payable to an expense, they are still liabilities as long as they are "payable", these include: Interest Payable (liability until paid, then reverts to Interest Expense) Salary or Wages Payable(liability until paid, then reverts to salary or wage expense) Payable accounts maintain a "credit" balance, meaning they increase with a Credit and Decrease with a debit. Now the quick answer: Payable = Liability Receivable = Asset
A Note Payable is a liability to the company and is listed under liabilities. This with any other account you find that is called a "payable" is a liability. A "payable" account refers to money owed by the company that has not yet been paid, but will be paid in the near future. These include anything from Accounts Payable to Wages and even Income Taxes Payable. Just remember the key term is "payable", meaning owed but not yet paid.
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account payable is also called Bils paybal its show cr balance and it is a liability for the business
Bill payable means that bill is issued for the clearence in future date. Bill payable is issued for a temporary sattlement to accounts payable. Accounts payable are the creditors of company and which creditors required amount in emergency basis company issue them the note to be used until the actual payment is cleared so bill payable is the temporary document of evidance that amount is owed by company to creditors and creditors can use that note to fulfil their financial needs.
ETD payable = Employer Tax Deductions Payable
debit accounts payablecredit notes payable
Accounts Payable releted to Creditors and Bills payable releted to bank.
Debit accounts payableCredit notes payable
Salaries payable is liability payable in future time period.
payable is credit
Page that contains the movie's schedule
Accounts Payable clerk
debit accounts payable 250credit notes payable 250
account payable is a current liability for item purchased on credit
[Debit] Goods purchased [Credit] notes payable / accounts payable
Weighted Average Accounts payable = Opening period accounts payable + closing period accounts payable divided by 2 Example: Opening Accounts payable = 10000 Closing accounts payable = 20000 Average = 30000/2 = 15000