Any credit balance in a vendor subsidiary account is an unpaid balance owed
Asked by maham237 @ in Business viewed by 329 People
true or false.
Answered by maham237 @
The answer is true, Accounts payable is a single general ledger account that summarizes the total amount owed to all vendors. Accounts payable are amounts which are owed by you to your suppliers for the purchase of trade goods or services, they are sometimes referred to as trade payables or trade creditors. Under normal circumstances, they are normally unsecured, and non-interest bearing.
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