"Payable by return" refers to a financial obligation or payment that is due immediately upon receipt of an invoice or request for payment. It indicates that the recipient is expected to provide payment promptly, often within a short time frame, usually within a few days. This term is commonly used in business transactions to emphasize the urgency of settling the payment without delay.
Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased, or overstatement of purchased merchandise.
A firm would delay the payment of Accounts Payable because they could use the money to invest in short term investments and earn some return
Payable on death
Payable in 30 days
Entry 1 [Debit] Cash xxxx [Credit] Bank xxxx Entry 2 [Debit] Bank xxxx [Credit] Notes payable xxxx
payable by return
Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased, or overstatement of purchased merchandise.
Those expenses have to pay pay
A firm would delay the payment of Accounts Payable because they could use the money to invest in short term investments and earn some return
Payable on death
Payable in 30 days
Entry 1 [Debit] Cash xxxx [Credit] Bank xxxx Entry 2 [Debit] Bank xxxx [Credit] Notes payable xxxx
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
If you do a Trial Balance and your Credits Equal your Debits, then more than likely your books are correct. In double entry accounting the debits and credits must balance or be equal.Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased,...
ETD payable = Employer Tax Deductions Payable
Accounts Payable releted to Creditors and Bills payable releted to bank.
on a bank account statement, it means Payable On Death