Project Management

Accounting 101: Accounts Payable - Small Business Bookkeeping Basic Account Entry Lessons

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Executive Summary

Accounts payable (AP) is an important part of almost every small business. When purchases are made, most businesses are given credit terms where the money is paid at a later date. Payments to be made for purchases at a later date are known as accounts payable. There are two basic journals for recording transactions to accounts payable, the purchase journal and the check register.

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