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What is the Difference between account payable and accrued expense?
Accounts Payable are supported by invoices or billing statements. Accrued Expenses are expenses which relate to the current period; however, there is not an invoice on hand. For example, the company lawyer bills the company for his services on an invoice on the 15th of each month, you would post his invoice in Accounts Payable and accrue legal fees for the 16th to the end of the month.
On a balance sheet the accounts payable salaries payable and mortgage notes payable would fall under the category of?
Liabilities.
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
On a balance sheet the accounts payable and salaries payable would fall under what category?
current liability
What are the two categories of accounts payable?
Accounts Payable or Notes Payable, which also fall under Current Liabilities (to be paid in one 12 months or less) and Long-Term Liabilities (paid in more than 12 months) Accounts Payable would fall under Current Notes Payable would fall under Long-Term
How do you say payable every second week in one word?
If something is payable every second week of the month, the proper term to be used is bi-weekly. If something is only payable twice a month, it would be labeled semi-monthly.
What is the Difference between account payable and accrued expense?
Accounts Payable are supported by invoices or billing statements. Accrued Expenses are expenses which relate to the current period; however, there is not an invoice on hand. For example, the company lawyer bills the company for his services on an invoice on the 15th of each month, you would post his invoice in Accounts Payable and accrue legal fees for the 16th to the end of the month.
On a balance sheet the accounts payable salaries payable and mortgage notes payable would fall under the category of?
Liabilities.
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
What is the maturity date on a bond from 2001?
That would depend on the maturity
On a balance sheet the accounts payable and salaries payable would fall under what category?
current liability
If tapley inc borrows 500000 on a 10 add on basis payable over 3 years in 36 equal end of month installments how large would the monthly payments be?
14,000
What are the two categories of accounts payable?
Accounts Payable or Notes Payable, which also fall under Current Liabilities (to be paid in one 12 months or less) and Long-Term Liabilities (paid in more than 12 months) Accounts Payable would fall under Current Notes Payable would fall under Long-Term
When services are rendered but payment is not made which account would be increased?
Accounts payable
What is the difference between 'due and accrued' and 'accrued and due'?
I would like to explain it with example, it might be helpful for you to understand difference between due and accrue. At the year end or beginning, generally this problem came with us. Telephone bills calls made by us till 31st march ..... has accrued but we have not received the bill for that. Bill for month of march will be received in the month of april and also some due date is there to pay. So it will be classified as accrued but not due FDRs In case of FDRs, maturity amount will be recd on maturity date (i.e. due date) but interest on principal amount of FDRs accrued day by day. I think from above two example it would be more clear to you
What is the difference between notes payable and accounts payable?
A note payable is a tangible note between you and another company that you will pay them back for a good or service they sold you. An account Payable is an allocation base for all of your notes payable. so for example i could have a note payable to company A for $100, Company B for $500, and Company C for $300, and my accounts payable would be $900
Is bonds payable normally debit or credit?
Bonds Payable would be a liability and therefore normally maintain a credit balance.
