Explain accounts payable accounting using a real example and general ledger accounts.
Explain 'accounts payable accounting' using a real example and general ledger accounts.
General ledger accounts:
It is an account or record used to classify, store, and summarize a company's transactions. It is arranged in the general ledger, with the balance sheet accounts, followed by the income statement accounts.
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Accounts payable is an accounting term that describes the amount owed to a vendor or vendor for goods or services purchased on credit. The total of...
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fromChapter 1 / Lesson 21
Learn what accounts payable is by definition and its examples. Classify if it is an asset or a liability and be informed with the formula on how to calculate it.
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