Dr. Payable Accounts 50,000 (decrease)
50,000 Cr. in cash (decrease)
Money that you owe to any third party is recorded in your accounts payable, a current liability account. The third parties can be financial institutions, businesses, or even a person from whom you borrowed money. Purchases made for goods or services from other businesses are a typical illustration of accounts payable.
Payables include things like trade payables, non-trade payables, taxes owed, loans due, and wages due. Typically, the accounts payable system is used to handle the first four of these payables, while the payroll system is used to process the final type of payable.
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