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What is the debit and credit in made a payment on accounts payable?
Wiki User
∙ 11y ago
account payable account debit to bank account
Wiki User
∙ 11y ago
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Which entries records the payment of an account payable?
Debit (decrease) accounts payable and then credit (decrease) cash.
When does debit balance in account payable?
As accounts payable has a credit balance as normal balance so it has credit balance until not paid but it may have debit balance as well in case when payment is made for more than actual accounts payable which create negative balance or debit balance.
What is the journl entry for puchasing goods on account?
[Debit] Purchases [Credit] Accounts payable
What are accounts payable entries?
[Debit] Accounts payable [Credit] Cash / bank
How do you write off accounts payable?
Debit Accounts Payable and Credit either the account where the original debit was made or Credit Other Income
Which entries records the payment of an account payable?
Debit (decrease) accounts payable and then credit (decrease) cash.
A decrease to accounts payable is a debit or credit?
debit
When does debit balance in account payable?
As accounts payable has a credit balance as normal balance so it has credit balance until not paid but it may have debit balance as well in case when payment is made for more than actual accounts payable which create negative balance or debit balance.
What is the journl entry for puchasing goods on account?
[Debit] Purchases [Credit] Accounts payable
Is accounts payable a debit or credit?
Accounts Payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.
What are accounts payable entries?
[Debit] Accounts payable [Credit] Cash / bank
What are the journal entries you write for Goods Purchases?
When Goods purchased on cash[Debit] Purchases xxxx[Credit] Cash/bank xxxxWhen purchased on credit[debit] purchases xxxx[credit] accounts payable xxxxWhen actual payment:[debit] Accounts payable xxxx[Credit] Cash / bank xxxx
How do you write off accounts payable?
Debit Accounts Payable and Credit either the account where the original debit was made or Credit Other Income
What is the journal entry of credit purchase?
[Debit] Purchases account [Credit] Accounts Payable
Is Accounts Payable a debit or credit on the trial balance?
debit
What is the Accounting entry for down payment to vendor?
Debit Deposits (an asset account) and credit Cash. You could also debit Accounts Payable for the deposit. Then post the final billing as a credit to Accounts Payable - the net difference is what would be due to the vendor.
Are accounts payable a credit or debit?
Accounts Payable is a Liability and therefore its normal balance is a Credit on the Balance Sheet
