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.

Answer and Explanation: 1

Become a member to unlock this answer!

View this answer

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...

See full answer below.

Learn more about this topic:

What Are Accounts Payable? - Definition & Examples


Chapter 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.

Related to this Question

Explore our homework questions and answers library