By Accouts payable Dr To Expenses A/c Cr
DR Operational Expenses CR Accounts Payable
Debit trick exp and credit accounts payable
If purchases are made on credit then accounts payable are created on the other hand if purchases are made on cash then there is no accounts payable created so both of these are not same but interrelated.
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
By Accouts payable Dr To Expenses A/c Cr
expenses debit to party
DR Operational Expenses CR Accounts Payable
DR Operational Expenses CR Accounts Payable
Debit trick exp and credit accounts payable
If purchases are made on credit then accounts payable are created on the other hand if purchases are made on cash then there is no accounts payable created so both of these are not same but interrelated.
Accounts receivables (net) + Inventory - Account payable - Accrued expenses
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
no
Basically there are various methods of accounts payables and differ from company to company. most of the petty cash expenses are paid in cash and other payament is made through cheques.
expenses on an accrual basis are greater than expenses on a cash basis
Accounts Payable