What are the journal entries for accounts payable?

What are the journal entries for accounts payable?

Accounts payable entry. When recording an account payable, debit the asset or expense account to which a purchase relates and credit the accounts payable account. When an account payable is paid, debit accounts payable and credit cash. Payroll entry.

What are the accounts payable interview questions?

Most Asked Accounts Payable Interview Questions

• 1) What do you understand by Account Payable? …
• 2) What is the meaning of TDS? …
• 3) What steps should you take before approving an invoice for payment? …
• 4) What is the difference between debenture holder and preference shareholder? …
• 5) What do you understand by a Non-PO Invoice?

What are the 4 functions of accounts payable?

In a typical Accounts Payable Clerk role, the job description typically includes the following responsibilities: Calculating, posting business transactions, invoice processing, verifying financial data for use in maintaining records.

What is accounts payable process in interview?

1. What is meant by accounts payable? Answer: For these accounts payable interview questions you could answer; accounts payable means the amount that should be paid as a liability and that is paid to the vendors for goods and services that were purchased in the past on credit.

What are the 5 types of journal entries?

They are:

• Opening entries. These entries carry over the ending balance from the previous accounting period as the beginning balance for the current accounting period. …
• Transfer entries. …
• Closing entries. …
• Adjusting entries. …
• Compound entries. …
• Reversing entries.

Is accounts payable a debit or credit?

In finance and accounting, accounts payable can serve as either a credit or a debit. Because accounts payable is a liability account, it should have a credit balance. The credit balance indicates the amount that a company owes to its vendors.