BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A schedule of accounts payable is prepared before all entries in a journal are posted. A change in the balance of a customer account does not affect the balance of the controlling account Accounts Receivable. The form used in the accounts recivable ledger has a Debit Balcne column.

Detailed explanation-2: -Accounts payable schedule is made by the business to know the suppliers to whom money has to be paid. The schedule of accounts payable is listing of all the vendors/suppliers from which money owes by the company.

Detailed explanation-3: -The schedule of accounts payable is a detailed listing of all the vendors that your company owes money. If your company purchases raw materials and services from a variety of other companies, it is likely that you have been offered terms and are not paying for everything outright in cash.

Detailed explanation-4: -Accounts Payable Journal Entries refer to the amount payable in accounting entries to the company’s creditors for the purchase of goods or services. They are listed as current liabilities on the balance sheet, and any payments made are deducted from this account.