Accounts Payable a/c.......dr 3000
To notes payable a/c 3000
would be Niwa's entry to document this transaction.
When a company purchases goods on credit with a tight deadline for repayment, the term "accounts payable" is employed. It is treated as a liability and is classified as being under the category of "current liabilities." In order to maintain good standing, a payment known as accounts payable must be made.
A company's debts to its financiers, including banks and other financial institutions as well as alternative funding sources like friends and family, are represented through long-term obligations known as notes payable. They are seen as long-term since they come due after a year, even though they are usually paid off in five years.
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