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Who of the following linked the directive principle with a cheque payable at the convenience of the bank?
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Which of the following groups contain only accounts that normally have credit balances?
Salaries Expense and Account Payable
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.
What is the Notes payable journal entry?
Debit accounts payableCredit notes payable
What are the Accounting entries for commissions payable?
rent payable a/c d/r to cash or bank a/c
Is a check made payable to cash negotiable?
Yes, a check made payable to cash can be negotiated by whoever holds the item.
Who said in the constitution assembly that the directive principles of the state policy are like a cheque on a bank payable at the convenience of the bank?
k. m. munshi
Accounts Payable is considered a part of which of the following?
Current liabilities.
Which of the following transactions results in an increase in expenses?
wage payable
Is a journal entry required on the date the board of directors officially approves a dividend?
Yes following entry required: [Debit] Proposed dividend [Credit] dividend payable
Which of the following groups contain only accounts that normally have credit balances?
Salaries Expense and Account Payable
Is bank interest payable credit or debit?
All kind of payables have a credit balance as a default or normal balance. So by following this rule, bank interest payable also has a credit balance as normal balance.
WHAT IS etd payable?
ETD payable = Employer Tax Deductions Payable
Difference between account payable and bills payable?
Accounts Payable releted to Creditors and Bills payable releted to bank.
How are a schedule of accounts payable prepared?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe". ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability. Rahul
What type of account is accounts payable?
Salary Payable, like other payable accounts are liabilities. It's something the company owes, therefor they are "liable" for that amount making it a liability. Once paid it is then an "expense"For example, you have $5,000 in salaries to pay, but you won't pay them until the following month, in accrual accounting we would do two entries for this transaction.Salary Expense (debit) $5,000Salaries Payable (credit) $5,000Because Salary Payable is a liability account it maintains a credit balance and is increased with a credit and decreased with a debit. Once the salaries are paid the adjusting entry would be:Salaries Payable (debit) $5,000Cash (credit) $5,000its nominal account & this Entry is salary a/c
Is salaries payable a liability?
Salaries payable is liability payable in future time period.
Journal entry to record the conversion of an 250 accounts payable to a notes payable?
debit accounts payable 250credit notes payable 250
