Journal Entry for Accounts Payable

Описание: Accounts payable is a liability that represents amounts the company owes for the purchase of goods or services on credit. Accounts payable is also known as trade payables and is typically classified as a current liability on the balance sheet.

When a company purchases good or services on credit, the company debits an expense account or an asset account (e.g., inventory) and then credits accounts payable. When the company later pays the supplier, the company debits accounts payable and credits the cash account.
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