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[Debit] Accounts Payable
[Credit] Cash / bank
What else can I help you with?
Which entries records the payment of an account payable?
Debit (decrease) accounts payable and then credit (decrease) cash.
What is accounts payable non trade?
Accounts payable non-trade is an entry that is made through a journal entry. Most accounts payable are trade and they are done through an accounts module that will automatically generate accounting entries.
What is the journal entry of accounts payable?
debit purchasescredit accounts payable*For purchases (supplies, office materials, etc.) on accountPurchases xxAccounts Payable xx*During payment of purchases on accountAccounts Payable xxPurchases xxNOTE: Journal entries depends on the accounts involved, like: Taxes, discounts and other stuffs. ^^
When a company purchases equipment on account what journal entries are created?
debit equipmentcredit accounts payable
What are controlling accounts and subsidiary ledgers?
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are used to check the accuracy of those entries.
Which entries records the payment of an account payable?
Debit (decrease) accounts payable and then credit (decrease) cash.
What is accounts payable non trade?
Accounts payable non-trade is an entry that is made through a journal entry. Most accounts payable are trade and they are done through an accounts module that will automatically generate accounting entries.
What is the journal entry of accounts payable?
debit purchasescredit accounts payable*For purchases (supplies, office materials, etc.) on accountPurchases xxAccounts Payable xx*During payment of purchases on accountAccounts Payable xxPurchases xxNOTE: Journal entries depends on the accounts involved, like: Taxes, discounts and other stuffs. ^^
What are the accounting journal entries for guaranteed payments to partners?
Debit:Partners Capital Credit: Accounts Payable
When a company purchases equipment on account what journal entries are created?
debit equipmentcredit accounts payable
What are some entries in the forecasted balance sheet?
forecasted balance sheet, where the anticipated cash balance, investments, accounts receivable, inventory, fixed assets, accounts payable, wages payable, taxes payable, long-term liabilities,
What are controlling accounts and subsidiary ledgers?
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are used to check the accuracy of those entries.
When does the AP requires a subsidiary ledger?
A control account is an account found in the general ledger such as accounts receivable,Accounts Payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are.When using a General Ledger, accounts such as Accounts Payable or Accounts Receivable are much easier to work with in the General Ledger if they have a "single" sum of all accounts, in other words.
What account titles would not be debited in the process of preparing closing entries for Andrew's Auto Shop?
In the process of preparing closing entries for Andrew's Auto Shop, account titles that would not be debited include asset accounts (like Cash, Accounts Receivable, and Inventory) and liability accounts (like Accounts Payable and Notes Payable). Additionally, equity accounts such as Common Stock or Additional Paid-In Capital would also not be debited. Closing entries primarily involve revenue and expense accounts, which are typically debited to reset their balances to zero for the new accounting period.
Are creditors accounts payable or accounts receivable?
Accounts Payable
Who is responsible for posting authorized credits to accounts payable?
Accounts Payable clerk
How do you get weighted average for accounts payable?
Weighted Average Accounts payable = Opening period accounts payable + closing period accounts payable divided by 2 Example: Opening Accounts payable = 10000 Closing accounts payable = 20000 Average = 30000/2 = 15000
