Getting Paid 101: Accounts Payable and Accounts Receivable
xendoo
JUNE 11, 2022
The actual entries you record in your general ledger differ from business to business. The $1,000 is accounts payable, and you record it in your general ledger by crediting $1,000 on the supplier’s X account. Accounts receivable is an asset account on the general ledger and balance sheet.
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