Accounts Payable Homework Help
Accounts payable is the total money owned by the business to its suppliers. It is shown as a liability in the balance sheet. Whenever the invoice is vouched for payments accounts payable is recorded in the accounts payable Sub Ledger. This means that the invoice is approved for payments and is recorded in the general ledger as outstanding or open liability.
Accounts payable will have a credit balance and whenever a vendor invoice is recorded, accounts payable will be debited and cash will be credited. All the accounts payable are shown as the current liability in the balance sheet. So the credit balance in accounts payable should be equal to the vendor invoices that have been recorded but have not been paid.
In household accounts payable are the ordinary bills like telephone, electric and water which are billed at the end of every month.
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