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What is the difference for account receivable and accounts payable?
Wiki User
∙ 10y ago
When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the Accounts Payable so accounts receivable is current asset while accounts payable is current liability.
Wiki User
∙ 10y ago
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What is the difference between account receivable and accounts payable confirmation?
account receivable- money coming in for profit account payble-money going out for a expense
When paying on credit is that classified as accounts payable or receivable?
account payable
What is the difference between accounts payable and accounts receivable for medical billing?
Accounts payable and accounts receivable are the same for any business, whether service, merchandising, or even medical billing. An account payable is any account that the company or business owes to another entity. It is a liability account and goes under liabilities until the balance is paid in full. An account receivable is just the opposite. Is the account balance of what another entity owes you. Account receivable is an asset account and goes under assets on the balance sheet. Both accounts receivable and accounts payable can be listed as either current or non-current, depending on the length of time required to satisfy the debt. For medical billing let us just say that an account receivable would be an account that a patient (or even government entity) may owe you. Account payable is what you owe the another entity.
Are creditors accounts payable or accounts receivable?
Accounts Payable
What is the difference between Accounts Payable and Accounts Receivable?
Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.
What is the difference between account receivable and accounts payable confirmation?
account receivable- money coming in for profit account payble-money going out for a expense
When paying on credit is that classified as accounts payable or receivable?
account payable
What is the allowances doubtful account receivable?
accounts payable
What is the difference between accounts payable and accounts receivable for medical billing?
Accounts payable and accounts receivable are the same for any business, whether service, merchandising, or even medical billing. An account payable is any account that the company or business owes to another entity. It is a liability account and goes under liabilities until the balance is paid in full. An account receivable is just the opposite. Is the account balance of what another entity owes you. Account receivable is an asset account and goes under assets on the balance sheet. Both accounts receivable and accounts payable can be listed as either current or non-current, depending on the length of time required to satisfy the debt. For medical billing let us just say that an account receivable would be an account that a patient (or even government entity) may owe you. Account payable is what you owe the another entity.
Are creditors accounts payable or accounts receivable?
Accounts Payable
What is the difference between Accounts Payable and Accounts Receivable?
Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.
When does the AP requires a subsidiary ledger?
A control account is an account found in the general ledger such as accounts receivable,Accounts Payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are.When using a General Ledger, accounts such as Accounts Payable or Accounts Receivable are much easier to work with in the General Ledger if they have a "single" sum of all accounts, in other words.
What would be a temporary account A inventory b sales c accounts payable d accounts receivable?
a. inventory
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
General ledger account?
There are several different accounts that are used in the general ledger. Some of these accounts include cash, accounts receivable, inventory, notes payable, accounts payable, and customer deposits.
What type of accounts are accounts receivable and accounts payable?
real accounts
Is Accounts receivable is the opposite of accounts payable?
Accounts Receivable = money owed to YOU by another person or companyAccounts Payable = Money YOU OWE to another person or company
