ETD payable = Employer Tax Deductions Payable
Accounts Payable releted to Creditors and Bills payable releted to bank.
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
Salaries payable is liability payable in future time period.
debit accounts payable 250credit notes payable 250
ETD payable = Employer Tax Deductions Payable
Accounts Payable releted to Creditors and Bills payable releted to bank.
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
Salaries payable is liability payable in future time period.
debit accounts payable 250credit notes payable 250
acoounting payable
payable is credit
Accounts Payable clerk
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
If they were yours you would cash them. It is assumed they are payable to a deceased person. They must be returned to the Social Security Administration. Keeping or cashing checks made out to another payee is a criminal offense.
[Debit] Goods purchased [Credit] notes payable / accounts payable
account payable is a current liability for item purchased on credit