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Accounts Payable
Sometimes referred to as trade payables, accounts payable is an account sub-ledger that records all the amounts that a company or a person owes to suppliers but has not paid yet.
3,095 Questions
Why do amount of vehicles appear in non-current assets and current assets?
Vehicle is a fixed asset so it should be shown in fixed asset list and not in current asset list.
What is accounts payable balance sheet?
Accounts payable on the balance sheet is the amount of money the company owes its vendors from invoices the company has received from them (and assuming the company agrees they owe the money)
What is the journal entry of accounts payable?
debit purchases
credit accounts payable
*For purchases (supplies, office materials, etc.) on account
Purchases xx
Accounts Payable xx
*During payment of purchases on account
Accounts Payable xx
Purchases xx
NOTE: Journal entries depends on the accounts involved, like: Taxes, discounts and other stuffs. ^^
When an interest-bearing note matures the balance in the Notes Payable account is?
The principal or maturity value. The premium or discount should be fully amortized down to zero.
Two people should sign a completed petty cash voucher who?
Two people should sign a completed petty cash voucher if they are removing funds from a mutually protected petty cash supply for which they are both in charge. This will enable both parties to be responsible for one another during the transaction.
How to maintain petty cash book?
Maintaining a petty cash book can be simple as long as a person makes sure to keep up on transactions regularly. Most petty cash books are maintained by listing receipts and their purchase purpose along with the date and a brief explanation.
Is Cash and balances with central banks current assets or non current assets?
Cash and balances are both current assets and shown in current section of balance sheet.
What is the journal entry for redemption of debentures which were issued at discount?
debit redemption of debentures account
credit cash / bank
Is wages and salaries expenses on a normal balance account considered a debit or credit?
Wages and salaries both are expenses to the company and like all expenses normal debit balance these accounts also have debit balance as their normal balance.
