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What would be the entry if you received items for accounts payable?
Wiki User
∙ 14y ago
Item(specify the name) a/c dr. To Account Payable a/c (If the person is dealer in that goods which is purchased then debit purchases account and if an assest is purchased then debit the asset account).
Wiki User
∙ 14y ago
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What is a purchase order in accounts payable?
Purchase order is a formal request to vendor for purchase of units of items or inventory.
Which one affect of cash is cash dividend or account payable or depreciation or write of?
Cash dividend affects the cash and remaining items does not have any effect on cash like depreciation or accounts payable.
What are the asset and liability with help of examples?
Assets are those items which business uses to earn revenue like propery, plant, equipment, inventory, cash etc. Liaibities are those items which is payable by company to third parties or owner of business like owners capital , accounts payable, bonds payable etc.
Diff bet recurring and non-recurring items?
recurring are usually daily operations such as depreciation expense, prepaid expenses, accounts receivable, accounts payable, etc. They are a part of normal ongoing business. However, non-recurring items are things like gains and losses, changes in accounting policies that affects income. They are not usual a part of normal ongoing business.
What is bill payable?
These represent bank drafts,telegraphic transfers,traveller chaques,mail transfer payable,pat slips,bankers chaques to the miscellaneous items which are issued by the bank but remained uncashed up to date of the preparation of the final accounts.
What financial statemet is accounts payable on?
Accounts payable are those items where we purchase goods or supplies from suppliers on credit and the payment of which is required to made at some future time and that;s why it is shown at liabilities side of balance sheet.
What is a purchase order in accounts payable?
Purchase order is a formal request to vendor for purchase of units of items or inventory.
Which one affect of cash is cash dividend or account payable or depreciation or write of?
Cash dividend affects the cash and remaining items does not have any effect on cash like depreciation or accounts payable.
What are the asset and liability with help of examples?
Assets are those items which business uses to earn revenue like propery, plant, equipment, inventory, cash etc. Liaibities are those items which is payable by company to third parties or owner of business like owners capital , accounts payable, bonds payable etc.
What are accounts payable?
Accounts payable is the liability (debt) account a company uses to show the total amount they owe to outside vendors that will be paid off in 12 months or LESS (Edit: but see below).For example, if a company buys a computer for $3,000 on account and will be paying the computer off in 12 months or less, the transaction is recorded as an Account Payable.*remember, this is for accounts that will be paid off in 12 months or less, anything longer, such as 13 months must be recorded as a Note Payable, but only if the company owing the money has signed a written promissory note promising to pay. If there is no Note evidencing a debt, there is no basis for recording a Note Payable (edit 8/29/2012)Also edited 8/29/12 to add:Ordinarily, vendor bills for all non-compensation or non-tax amounts owed for expenses incurred, or inventory or materials acquired, in the ordinary course of business are posted to Accounts Payable until they are paid off, because the presumption is that ordinary trade expense bills will all be paid within the accounting cycle, unless there is clear evidence to the contrary, in which the debt can be shown as a non-current payable.When a bill sitting in Accounts Payable is finally paid, the Accounts Payable account is debited to show the decrease in the company's liabilities (debts).Some amounts that a business can owe are not posted to Accounts Receivable. Certain big items, such as payroll and taxes due, get their own liability accounts, Wages Payable and Taxes Payable. The same is true for loan repayments due to a bank. But these are large and important items, and it's better bookkeeping to separate them from the Accounts Payable account. (end of edit)In other words...Accounts payable is money that a business owes.
Diff bet recurring and non-recurring items?
recurring are usually daily operations such as depreciation expense, prepaid expenses, accounts receivable, accounts payable, etc. They are a part of normal ongoing business. However, non-recurring items are things like gains and losses, changes in accounting policies that affects income. They are not usual a part of normal ongoing business.
How can you describe the traditional steps in the manual purchasing system?
The traditional steps in the manual purchasing system are:A purchase order is placed and is sent to the supplier.The supplier inputs the purchase order into their system.The supplier updates or confirms the Purchase Order information.The Buyer updates the purchase order and item information based on information from the supplier.The supplier ships the items and provides shipment information to the buyerThe buyer (your company) updates the appropriate purchase orders with the shipment information from the supplier.The Goods are physically received by your companyThe goods are received into inventory in buyer system.An Accounts payable invoice is produced by the supplier and transmitted to you.The acocunts payable invoice for the received items is entered into the system.The supplier invoice is paid.
What is bill payable?
These represent bank drafts,telegraphic transfers,traveller chaques,mail transfer payable,pat slips,bankers chaques to the miscellaneous items which are issued by the bank but remained uncashed up to date of the preparation of the final accounts.
What is hospital inventory?
hospital inventory consists of medical supplies, surgical supplies and lab and radiology items stocked by the hospital stores. The inventory module is integrated with all financial modules such as Accounts Payable, Accounts Receivable and General Ledger as well as relevant Hospital Information System (HIS) modules such as Nursing stations, Medical Departments, OR and pharmacy.
Are capital accounts non-monetary items?
no
Duties of assistant accoutant?
I hold the title of Accounting Assistant. I am responsible for input of Accounts Payable, Accounts Receivable, and customer Billings; maintenance of the Accounting Database; some light auditing; and pretty much anything dealing with those items along with other miscellaneous tasks. My superior is responsible for the financial reporting and payroll. Hope this answers your question.
How do you prevent overdue accounts in the accounting business?
A Chart of Accounts is more than a list of General Ledger Accounts. A functional Chart of Accounts is: (1) the center of the financial record keeping process (2) a 'posting map' for recording financial...What_do_you_do_if_you_have_an_overdue_accountWhere an overdue account showing on your file has been paid but not updated, call the credit provider and request they contact the credit agency to make the correction. Your file will be updated...Is_accounts_receivable_a_real_account_in_accounting_and_is_goodwill_a_real_account_in_accountingReal accounts, i.e. Balance Sheet accounts are ongoing perpetual records and represent "real" items; cash, receivables, inventories, accounts payable, invested capital, etc., etc. Accounts receivable...
