Wileyplus chapter 1 homework answers
What’s account payable vs. receivable?
Let find out Accounts, money, and tools I bought more equipment for $2,350, which I will pay for on the bill. I paid $750 in cash and put the rest into my account. Here,
Cash : -750
Equipment : 2,350
Accounts Payable : 1,600
Money can also be in the form of cash. In a business setting, cash is usually made up of bank accounts and securities that can be sold, such as government bonds and banker’s acceptances. The things you need to do a job are called “equipment.” Accounts payable are the payments that a business needs to make to its suppliers. On a business’s balance sheet, it is listed as a liability. It’s not the same as notes payable liabilities, which are written proofs of debt.