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Payables-Generic??
:'(
When the month end trial balance is done, shouldn't the payables, (such as wages payable) be cleared to 0?? |
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Re: Payables-Generic??
No, you owe that money to someone-- whether it be this period or next. The payables need to stay on the books until you actually pay the vendors for the items.
You only close your "RED" accounts-- revenues, expenses, and drawing accounts. |
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Re: Payables-Generic??
Hi vdonna9377,
nova373 is right. Only nominal accounts (expense and revenue accounts) are closed at the end of the period. Real accounts (balance sheet accounts) are not closed since they are actually existing as of balance sheet date. |
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