Accounts payable are the money payable to suppliers by enterprises for purchasing materials, commodities or receiving services.
Accounts receivable are the money that an enterprise should collect from the purchasing unit for selling goods, products and providing services in the normal operation process.
Accounting entries:
Debit: Accounts Receivable -XXX Co., Ltd.
Loan: income from main business
Taxes payable-VAT payable-output tax
Accounting entries:
Borrow: Inventory goods-such and such goods.
Taxes payable-VAT payable-input tax
Loan: accounts payable -XXX Co., Ltd.
Taxes payable-VAT payable-output tax
Extended data:
Main accounting treatment of accounts payable:
The materials and commodities purchased by the company were accepted and put into storage, and the payment was not paid. According to the relevant documents (invoice bill, the actual price or provisional estimated value recorded on the attached goods invoice), debit the subjects such as raw materials, goods in stock, taxes payable-value-added tax payable (input tax) and credit the accounts payable.
The payable but unpaid amount incurred by the enterprise in accepting the services provided by the supplier shall be debited to the related cost and expense accounts such as "manufacturing expenses" and "management expenses" and credited to the "accounts payable" account according to the invoice bill of the supplier; When the enterprise pays the accounts payable, it debits the accounts payable and credits it to the bank deposit account.
When an enterprise issues and accepts a commercial bill to offset the payment, it debits the accounts payable and credits the accounts payable. When the accounts payable of an enterprise cannot be paid due to the change of the other company, with the approval of the relevant departments, it can be used as extra income other than the business operation of the enterprise, debited to the accounts payable and credited to the non-business income account.
Main accounting treatment of accounts receivable:
When accounts receivable occur in this account, debit this account according to the amount receivable, credit "main business income" according to the realized operating income, and credit "tax payable-value-added tax payable (output tax)" according to the value-added tax indicated on the special invoice; When collecting accounts receivable, debit "bank deposit" and other subjects and credit this subject.
The packaging fees, transportation fees and miscellaneous fees paid by the enterprise to the purchasing unit shall be debited to this account and credited to "bank deposits" and other subjects; When the prepaid freight is recovered, the "bank deposit" account shall be debited and credited to this account.
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