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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
Is advertising expense debit or credit?
As the item says in itself it is an expense and therefore it should be debited.It is one of the rules of the accounts to debit all expenses and losses.
How do we delete the payment voucher if it has been entered twice by mistake?
By decreasing the amount by same.
Would you capitalize accounts payable administrator?
If you are talking about a particular person who has that exact title, then it is correct to capitalize Accounts Payable Administrator.
Trial Balance
Is the adjusted trial balance a financial statement?
In and of itself, generally no. An adjusted trial balance is merely a statement that is used at the end of the accounting period to adjust accounts such as expenses and income and to insure that all adjusting entries and accounts balance before preparing the post closing trial balance and finally the financial statements such as Balance Sheet, Statement of Retained Earnings, and Statement of Owners Equity.
What is the difference between total current assets and total current liabilities is?
the difference between total current assets and total liability is the working capital. It goes with a formula 'current asset -current liability =working capital '
Is service performed a credit or debit in accounting?
Depend on who perform the services. 1.if it is do by the business is debt becos he will be paid 4 it and money comes. 2.credit if the pays other person 4 the service
Can how you make journal entry of petty cash expenses in F7 tally 9?
You can do this through Excel. Just put in the petty cash information how it is and the button will help take care of the rest.
What does in mean when long term liabilities is less than current liabilities?
It means that the business is conducted out of short term cash. Hence small changes in the environment can affect the cash flow.
Is revaluation account a real account or nominal account?
When a company (or any legal entity) is of the opinion that the value of an asset has appreciated (or) depreciated much than the recorded historical value, revaluation of asset is undertaken. This necessitates us to create an account known as "revaluation A/c". It is understood that, the outcome of revaluation may be a gain (or) loss. As per Golden rule of Accounting, revaluation a/c is a nominal a/c since the a/c measures the gain (or) loss of the asset.
Are accounts payable accounts that you expect will be paid to you?
are accounts payable accounts that expect will be paid to u
Is trade in allowance a liability or a current asset?
trade in allowance is considered as acurent asset.
it can be explianed and understood with help of following example .
a firm has exchange a used ( 2nd hand ) machine for a new one. the worth of new machine has 20000. while the book value of old machine was 10000 but it was traded for worth of 12000, so it saved two 2000 cash , which is an asset.
New machine 20000(Dr)
Old machine 10000(Cr)
Trade in allowance 2000(Cr)
cash 8000(Cr)
What is the debit and credit in made a payment on accounts payable?
account payable account debit to bank account
What are the reasons for charging depreciation on non current assets?
depreciation non current asseate
