On December 31, 2019, Kew has 500,000 debit balance in accounts payable to Ross a supplier resulting from a 500,000 advance payment for goods to be manufactured" what amount should be reported as accounts payable on december 31, 2019.
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"On December 31, 2019, Kew has 500,000 debit balance in accounts payable to Ross a supplier resulting from a 500,000 advance payment for goods to be manufactured"
what amount should be reported as accounts payable on december 31, 2019.
answer: 500,000.
question: why do we add 500,000 in accounts payable account since this is an advance payment. Isn't this should be a deduction to Accounts Payable?
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