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Accounting At Your Fingertips, 2e by George R Murray

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6

Payables and Cash Disbursements

6.1 Accounts Payable

6.2 Accounting for Purchases

6.3 Notes Payable

6.4 Cash Disbursements

6.5 Reconciling Accounts Payable

6.1 Accounts Payable

Introducing Accounts Payable

Recording Accounts Payable

Working with Vendor Accounts

Companies that operate on a cash basis pay all their bills within the month, so they don’t need to set up accounts payable. All businesses that operate on an accrual basis, however, must set up accounts payable to reflect amounts they owe that have not yet been paid. This subchapter discusses different sources of accounts payable and shows you how to record them.

Introducing Accounts ...

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