Accounts payable - Revision history

Quidam65 at 14:04, September 19, 2024

2024-09-19T14:04:14Z

Quidam65: /* Examples */

2024-09-19T14:03:53Z

Examples

DavidB4: /* On Financial Statements */ not notes payable

2017-03-11T05:55:55Z

On Financial Statements: not notes payable

DavidB4-bot: /* See also */clean up & uniformity

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Taj: /* On Financial Statements */

2013-04-04T07:30:35Z

On Financial Statements

Taj: minor formatting

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minor formatting

Taj: /* Examples */

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Examples

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minor grammar edit

Conservative: Reverted edits by JSchlimmp (talk) to last revision by KevinDavis

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Reverted edits by JSchlimmp (talk) to last revision by KevinDavis

JSchlimmp at 02:24, December 18, 2011

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 * When you purchase a home with a mortgage through your bank, you now possess an account payable. You owe the bank your monthly payment, and because this represents a personal debt for you, it is classified as an account payable. The bank, however, would record an account receivable, as these two are considered opposites in simple accounting practices.
 * Any time you take out a loan or you use a credit card to purchase a good or service, you are creating an account payable for yourself, as you are taking on a debt owed to another business entity.
-* Examples of accounts payable for a small business would be: utility bills, payments owed to vendors who provided services or goods to the business, lease payments on equipment.
+* Examples of accounts payable for a small business would include utility bills, payments owed to vendors who provided services or goods to the business, payroll to employees, and lease payments on equipment.
 ==See also==

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 ==On Financial Statements==
-Because they represent debt that an individual or business organization owes to another such entity, accounts payable are virtually always listed in the liabilities section on a [[balance sheet]]. As such, they subtract from the net value of a financial entity because they represent a debt. This is opposed to [[accounts receivable]], which increase the net value of an individual or company because they represent an asset.
+Because they represent debt that an individual or business organization owes to another such entity, accounts payable are virtually always listed in the liabilities section on a [[balance sheet]]. As such, they subtract from the net value of a financial entity because they represent a debt. This is opposed to [[accounts receivable]], which increase the net value of an individual or company because they represent an asset.<br />
 ==Examples==

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 * Examples of accounts payable for a small business would be: utility bills, payments owed to vendors who provided services or goods to the business, lease payments on equipment.
-==See Also==
+==See also==
 *[[Accounts receivable]]

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 ==On Financial Statements==
-Because they represent debt that an individual or business organization owes to another such entity, accounts payable are virtually always listed in the liabilities section on a balance sheet. As such, they subtract from the net value of a financial entity because they represent a debt. This is opposed to accounts receivable, which increase the net value of an individual or company because they represent an asset.
+Because they represent debt that an individual or business organization owes to another such entity, accounts payable are virtually always listed in the liabilities section on a [[balance sheet]]. As such, they subtract from the net value of a financial entity because they represent a debt. This is opposed to [[accounts receivable]], which increase the net value of an individual or company because they represent an asset.
 ==Examples==

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−	An '''account payable''' (AP) is an individual's or corporation's financial obligation to pay off in full a debt that it owes to another financial entity. In simple accounting, accounts payable are often used as a general term for debts and liabilities, and because of this, they are often recorded as such (see below).<ref name="invest">http://www.investopedia.com/terms/a/accountspayable.asp Accounts Payable]</ref>	+	An '''account payable''' (AP) is an individual's or corporation's financial obligation to pay off in full a debt that it owes to another financial entity. In simple accounting, accounts payable are often used as a general term for debts and liabilities, and because of this, they are often recorded as such (see below).<ref name="invest">http://www.investopedia.com/terms/a/accountspayable.asp Accounts Payable</ref>

	==On Financial Statements==		==On Financial Statements==

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	An '''account payable''' (AP) is an individual's or corporation's financial obligation to pay off in full a debt that it owes to another financial entity. In simple accounting, accounts payable are often used as a general term for debts and liabilities, and because of this, they are often recorded as such (see below).<ref name="invest">http://www.investopedia.com/terms/a/accountspayable.asp Accounts Payable]</ref>		An '''account payable''' (AP) is an individual's or corporation's financial obligation to pay off in full a debt that it owes to another financial entity. In simple accounting, accounts payable are often used as a general term for debts and liabilities, and because of this, they are often recorded as such (see below).<ref name="invest">http://www.investopedia.com/terms/a/accountspayable.asp Accounts Payable]</ref>

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	An '''account payable''' (AP) is an individual's or corporation's financial obligation to pay off in full a debt that it owes to another financial entity. In simple accounting, accounts payable are often used as a general term for debts and liabilities, and because of this, they are often recorded as such (see below).<ref name="invest">http://www.investopedia.com/terms/a/accountspayable.asp Accounts Payable]</ref>		An '''account payable''' (AP) is an individual's or corporation's financial obligation to pay off in full a debt that it owes to another financial entity. In simple accounting, accounts payable are often used as a general term for debts and liabilities, and because of this, they are often recorded as such (see below).<ref name="invest">http://www.investopedia.com/terms/a/accountspayable.asp Accounts Payable]</ref>