How is the information on the AP Schedule organized? Explain how the schedule of accounts payable...

How is the information on the AP Schedule organized? Explain how the schedule of accounts payable is used to make sure bills are paid in a timely fashion.

Solutions

Expert Solution

Accounts payable management is required by entity to manage the payable obligation by the organisation in timely manner. Accounts payable includes the liability or amount owed by the organisation to various suppliers/vendors for the goods and services provided by them. Therefore, if goods and services are received by the organisation without payment (on credit basis) then it will be reported in Accounts payable schedule. Even, if any bill is also accepted for the payment of supplier/vendor is also reported in Accounts payable schedule. Further, if any payment is made for the accepted bills and to suppliers/vendors for the goods and services provided by them will be reduced from the Accounts Payable Schedule.

Therefore, the AP schedule will be managed appropriately to make sure bills are paid in a timely fashion by following the proper accounts payable management system like proper invoicing, proper recording & reporting, timely payment, and adjust the balance of supplier (closure of vendor account). Organisation

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Explain how the accounts receivable, inventory, power and equipment, accounts payable, wages payable and long-term debt...

Explain how the accounts receivable, inventory, power and equipment, accounts payable, wages payable and long-term debt impacted cash flow from one year to the next. 200-word minimum.

REQUIRED: Prepare General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger, Trial Balance, Schedule of Accounts Receivable...

REQUIRED: Prepare General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger, Trial Balance, Schedule of Accounts Receivable and Schedule of Accounts Payable from the following information and Journals using T Accounts with a balance column. Grassley Company completes these transactions during November of the current year (terms for all its credits sales are 2/10, n/30). Nov.1 Purchased $5,058 of office equipment on credit from Brun supply, invoice dated November 1, terms n/10 EOM. 2 Borrowed $88, 500 cash from Wisconsin Bank...

How does the neocortex work? Explain how it is organized and how information flows through it.

Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized...

Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2016. Projected sales for each of the first three months of operations are as follows: March $360,000 April 500,000 May 670,000 The company expects to sell 11% of its merchandise for cash. Of sales on account, 59% are expected to be collected in the month of the sale, 37% in the month following the sale, and the remainder in the second...

Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized...

Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $300,000 February 500,000 March 750,000 All sales are on account. Seventy-five percent of sales are expected to be collected in the month of the sale, 20% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating...

Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized...

Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $260,000 February 340,000 March 510,000 All sales are on account. 55% of sales are expected to be collected in the month of the sale, 40% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash...

Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized...

Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2016. Projected sales for each of the first three months of operations are as follows: March $380,000 April 500,000 May 760,000 The company expects to sell 12% of its merchandise for cash. Of sales on account, 54% are expected to be collected in the month of the sale, 41% in the month following the sale, and the remainder in the second...

Presented below is information that relates to Halifax Limited for 2020: Accounts Payable 49,000 Accounts...

Presented below is information that relates to Halifax Limited for 2020: Accounts Payable 49,000 Accounts Receivable 78,000 Bond Payable600,000 Cash dividends declared on common shares34,000 Collections of credit sales$1,100,000 Cost of goods sold1,100,000 Equipment 85,000 Gain from transactions in foreign currencies (pre-tax)220,000 Inventory120,000 Loss on sale of equipment 350,000 Loss from early debt repayment 340,000 Loss resulting from calculation error on depreciation charge in 2019460,000 Other expenses120,000 Other revenues180,000 Proceeds from issue of Halifax common shares60,000 Retained earnings,...

accounts payable and accounts receivable

What is the difference between accounts payable and accounts receivable?

Briefly explain the differences in how information within the olfactory system and gustatory system are organized.

Subjects