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What should you do when you accidentally send a check made payable to you to another company and they deposit it?
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Is Utility deposit considered accounts payable?
No, generally a utility deposit is not a payable. On the rare chance that the company allows you to "make payments" on the deposit, until it is paid, the it would be a payable, however, that generally is not the case. A utility deposit is generally required as a "security" deposit to the company providing the service and as a rule must be paid in advance before said service can be activated. Most companies after a prescribed amount of time will and certain requirements are met (no late payments, no disconnection, etc) will refund the deposit to the person/company. If this is the case, then a utility deposit that may be refunded after a certain period of time is actually considered an asset.
What is account payable and receivable?
Account payable is a record of money your company owes to another company/person. Account receivable is a record of money owed to your company by another company/person.
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
What is the difference between notes payable and accounts payable?
A note payable is a tangible note between you and another company that you will pay them back for a good or service they sold you. An account Payable is an allocation base for all of your notes payable. so for example i could have a note payable to company A for $100, Company B for $500, and Company C for $300, and my accounts payable would be $900
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
Is Utility deposit considered accounts payable?
No, generally a utility deposit is not a payable. On the rare chance that the company allows you to "make payments" on the deposit, until it is paid, the it would be a payable, however, that generally is not the case. A utility deposit is generally required as a "security" deposit to the company providing the service and as a rule must be paid in advance before said service can be activated. Most companies after a prescribed amount of time will and certain requirements are met (no late payments, no disconnection, etc) will refund the deposit to the person/company. If this is the case, then a utility deposit that may be refunded after a certain period of time is actually considered an asset.
What is account payable and receivable?
Account payable is a record of money your company owes to another company/person. Account receivable is a record of money owed to your company by another company/person.
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
What is the difference between notes payable and accounts payable?
A note payable is a tangible note between you and another company that you will pay them back for a good or service they sold you. An account Payable is an allocation base for all of your notes payable. so for example i could have a note payable to company A for $100, Company B for $500, and Company C for $300, and my accounts payable would be $900
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.
Can ABC Company deposit a check into their account if the check is made payable to CBS Company?
Yes if the bank accepts it, but ABC company is liable for the amount if the check isn't paid.
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
What is accounts payable considered on trial balance?
Accounts payable is a liability. All payable accounts are considered a liability because it is something you owe another person/company.
What is a bank certificates of deposit called a time deposit?
time deposit means payable at specified time same is the case with bank deposit ie. fixed deposit that is payable after certain period means not less than 7 days to earn interest so fds are called as time deposit
What is trade payable?
A trade payable is another term referred to as an account payable. Most companies have an accounts payable department responsible for making sure money is paid to other parties that the company received a service from.
The accounts payable account in the general ledge is?
What the business owes another company (on credit)
Is dividends Payable an asset?
Dividend payable is the amount which is payable by the company to share holders so it is a liability of company and not an asset.
