Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

The balance in Accounts Payable is decreased with a _ entry? 1. Debit 2. Credit

user-image
Question added by ryad abdalla , chief of accounts , Evntoo
Date Posted: 2015/11/05
Muhammad Ramzan Tufail  ACCA
by Muhammad Ramzan Tufail ACCA , Assistant Finance Manager , Eltizam Asset Management Group

Debit,,,

 

When we buy anything on credit from Supplier, at that time, we create an accounts payable as follows:

Dr. Purchases

Cr. Accounts Payable.

 

And when we paid against this,

then,

Dr. Accounts Payable

Cr. Cash/Bank.

 

Michael Lagunday
by Michael Lagunday , Accountant , Dubai Camel Racing Club

My answer is1. Debit.

Accounts payable is decrease by a debit.

 

Syed Aswad
by Syed Aswad , Commercial Executive , Nokia Siemens Networks c/o kelly services

When we credit the payer any amount the balance of accounts payable is decreased 

UNAIS CHAYILOD
by UNAIS CHAYILOD , ACCOUNTANT , Ideal Global Trading Co LLC

Debit Side ....Creditors Is Payable ....Creditors debit the entry decrease creditors balance

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.