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When a credit is posted to the accounts payable ledger what happens?
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∙ 12y ago
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To increase the balance in an accounts payable ledger?
To increase the balance in an accounts payable ledger you credit the account.
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
What is a subsidiary account for accounts payable?
the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger". So each vendor would be a subsidiary account of the accounts payable ledger.
What is the normal account balance for the accounts payable ledger account?
1. As accounts payable is the liability of the company to be paid in future so in this way like all other liabilities accounts balance, accounts payable has also credit balance.
Where do you record account payable?
Debit (decrease) accounts payable and then credit (decrease) cash. Accounts receivables are the money that is owed to a business, accounts parables are the invoices or bills that a company has incurred and must pay to their vendors or suppliers. A/R Accounts.the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger."
To increase the balance in an accounts payable ledger?
To increase the balance in an accounts payable ledger you credit the account.
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
What is a subsidiary account for accounts payable?
the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger". So each vendor would be a subsidiary account of the accounts payable ledger.
What type of ledger is an accounts payable ledger?
Liability
What is the normal account balance for the accounts payable ledger account?
1. As accounts payable is the liability of the company to be paid in future so in this way like all other liabilities accounts balance, accounts payable has also credit balance.
Where do you record account payable?
Debit (decrease) accounts payable and then credit (decrease) cash. Accounts receivables are the money that is owed to a business, accounts parables are the invoices or bills that a company has incurred and must pay to their vendors or suppliers. A/R Accounts.the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger."
Does an account payable ledger record credits or debits?
Accounts payable is created when goods purchased on credit so it records the credits that is how much amount payable to creditors.
Does an accounts payable ledger contain all of the balance sheet and income statements accounts?
No, the accounts payable ledger only contains information related to supplier accounts. The balance sheet and income statement accounts are contained in the general ledger.
What are the two general ledger accounts that may act as control accounts for a subsidiary ledger?
accounts receivable and accounts payable
Which accounts belong in accounts payable ledger?
belong to credits
What is the description for an accounts payable position?
An accounts payable position is called a Purchase Ledger Clerk
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.
