what is the journal entry for accounts payable

Question

Accepted Answer

The journal entry for accounts payable is a credit to accounts payable and a debit to the corresponding expense or asset account.

Accounts payable is a liability account that represents the amount owed to suppliers or vendors for goods or services received.
When recording the journal entry for accounts payable, the accounts payable account is credited to increase the liability.
The corresponding expense or asset account is debited to reflect the increase in expenses or assets.
For example, if a company purchases inventory on credit, the journal entry would be: Debit Inventory, Credit Accounts Payable.

Accepted Answer

Journal entries for accounts payable are the amount payable accounting entries to creditors of the organization for purchasing goods or services. The journal entries are reports under the head current liabilities on a balance sheet, debited after making payments.

what is the journal entry for accounts payable

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