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Once the vendor is paid for the t-shirts, the accounts payable entry is removed from the balance sheet. Importance of Accounts Payable. Accounts payable represent short-term debt obligations ...
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Download as PDF; Printable version; In other projects ... AP – Accounts payable; AR – Accounts ... Q2, Q3, Q4 – quarters of the accounting year, calendar year ...
The general ledger should include the date, description and balance or total amount for each account. Because each bookkeeping entry debits one account and credits another account in an equal amount, the double-entry bookkeeping system helps ensure that the general ledger is always in balance, thus maintaining the accounting equation:
A variety of checks against abuse are usually present to prevent embezzlement by accounts payable personnel. Separation of duties is a common control. In countries where cheques payment are common nearly all companies have a junior employee process and print a cheque and a senior employee review and sign the cheque.
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Using the rules of double-entry, these journal summaries are then transferred to their respective accounts in the ledger, or account book. For example, the entries in the Sales Journal are taken and a debit entry is made in each customer's account (showing that the customer now owes us money), and a credit entry might be made in the account for ...