2040 Accounts Payable Accounts Receivable 
Nanonets
FEBRUARY 14, 2024
Liabilities : These represent what a business owes to others, such as loans and accounts payable. For example, all asset accounts might start with the number 1 (e.g., 1010 for Cash, 1020 for Accounts Receivable, etc.). Since the purchase was made on credit, also select the GL code for Accounts Payable (e.g.,
Nanonets
FEBRUARY 28, 2024
These can be loans, accounts payable, or mortgages. Revenue accounts track the income generated from the company’s operations, like sales and services. Since the money account is obtaining income, then the debit section will show a gain and display an amount for the amount. Real accounts do not shut at year-end.
Expert insights. Personalized for you.
52 
Let's personalize your content