Account payable is a record of money your company owes to another company/person.
Account receivable is a record of money owed to your company by another company/person.
account payable
account receivable- money coming in for profit account payble-money going out for a expense
Accounts payable and accounts receivable are the same for any business, whether service, merchandising, or even medical billing. An account payable is any account that the company or business owes to another entity. It is a liability account and goes under liabilities until the balance is paid in full. An account receivable is just the opposite. Is the account balance of what another entity owes you. Account receivable is an asset account and goes under assets on the balance sheet. Both accounts receivable and accounts payable can be listed as either current or non-current, depending on the length of time required to satisfy the debt. For medical billing let us just say that an account receivable would be an account that a patient (or even government entity) may owe you. Account payable is what you owe the another entity.
When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the accounts payable so accounts receivable is current asset while accounts payable is current liability.
Stockholders, lawyers, bookkeeper account receivable, account payable
account payable
accounts payable
account receivable- money coming in for profit account payble-money going out for a expense
Accounts payable and accounts receivable are the same for any business, whether service, merchandising, or even medical billing. An account payable is any account that the company or business owes to another entity. It is a liability account and goes under liabilities until the balance is paid in full. An account receivable is just the opposite. Is the account balance of what another entity owes you. Account receivable is an asset account and goes under assets on the balance sheet. Both accounts receivable and accounts payable can be listed as either current or non-current, depending on the length of time required to satisfy the debt. For medical billing let us just say that an account receivable would be an account that a patient (or even government entity) may owe you. Account payable is what you owe the another entity.
When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the accounts payable so accounts receivable is current asset while accounts payable is current liability.
Stockholders, lawyers, bookkeeper account receivable, account payable
in Account payable and account receivable
Payable
bill receivable is what is owed to a company; bill payable is what is paid
yes there is entry with grace date or due date
a. inventory
The General Ledger The Account receivable Ledger The Accounts payable Ledger