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-   -   Ledger Balancing (https://www.askmehelpdesk.com/showthread.php?t=488446)

  • Jul 14, 2010, 08:42 PM
    jjcraig
    Ledger Balancing
    Is A/P considered an asset or liability and is it a credit or debit?
  • Jul 15, 2010, 11:27 AM
    pready

    A/P stands for Accounts Payable and it is for accounts that you have to pay like if you purchase goods on account and the vender sends you a bill for the payment on your goods.

    This a liability account and has a normal credit balance, which means that a credit increases the amount due and a debit decreases the acoount balance such as a payment for the goods or when goods are returned because they were defective.

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