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Accounts Payable is a liability account. When something is purchased on account it falls under this category such as purchasing $10,000 worth of office supplies on account. You would debit the office supplies account under assets and credit accounts payable under liabilities.
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What type of account is debtors account?
Accounts Payable.
What type of account is an accounts payable?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".
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.
When services are rendered but payment is not made which account would be increased?
Accounts payable
What is Accounts Payable the compliance?
account payable is the liability of creditor.
What type of account is debtors account?
Accounts Payable.
What type of account is an accounts payable?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".
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.
When services are rendered but payment is not made which account would be increased?
Accounts payable
Accounts payable is considered a what on trial balance credit or debit?
An account payable is a liability and would be considered a credit. Remember liabilities maintain a credit balance. Even when listing on the Trial Balance, all liabilities (including accounts payable) will be shown as their actual type, hence account payable is a credit.
Is account payable asset or liability?
accounts payable is a liablity.
What is Accounts Payable the compliance?
account payable is the liability of creditor.
What are Accounts Payable and Notes Payable?
Accounts payable are the amounts owed to a supplier that the buyer holds an account with. Notes payable is the amount owed to creditors, that is, suppliers that the buyer does not hold an account with.
What is the debit and credit in made a payment on accounts payable?
account payable account debit to bank account
When paying on credit is that classified as accounts payable or receivable?
account payable
Is an electricity account an example of a trade account payable?
No Electricity account is non-trade accounts payable as trade accounts payable are those suppliers only from which company purchase supplies for sale purpose.
Is Accounts Payable considered a debit on the Trial Balance?
No, it is a Credit because Accounts payable is a Liability account.
