Chapter 15. Other Payables

The Accounts payable account is used when purchases are made on open credit, meaning that a company sends us goods (or provides us services) and bills us. There are other types of payables for which we most likely would not use Accounts payable. We would normally set up separate accounts to handle Interest payable, Rent payable, Taxes payable, Salaries payable, and Payroll taxes payable.

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