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Video instructions and help with filling out and completing Will Form 5495 Payable

Instructions and Help about Will Form 5495 Payable

Hi I'm Ralph with a noise Bay and I'm gonna explain what Accounts Payable does but before I begin we need to know how accounts payable or aap walks and talks the first step ap takes is deciding how to record its transactions notice I between a cash or accrual based method cash basis accounting is what we experience on an everyday basis the one in my wallet is the only money I have so when I purchase say a coffee I feel that purchase because I've given you the barista my dollars in exchange for a latte in accrual-based accounting however the money is transferred once goods or services are completed the difference here is that although we may not exchange actual folding bills that money has indeed transferred hands so for example I sell you a twenty pound bag of roasted coffee I'll leave an invoice saying you have 30 days to pay me back as far as I'm concerned I already have your money even though you haven't physically paid me in order for this to work we need to believe in the accounting equation which reads assets is equal to the sum of the organization's liabilities and equity is that another way a company is the accounting equation but let's make it a little simpler to follow we're going to ignore the equity part and focus on the assets and liabilities part with that we can introduce accounts payable but before we take another step just because accounts receivable is on the other side of the equals does not make it equal to accounts payable there are just different buckets in an organization holding time and money now that we've taken our first few steps with accounts payable we're ready to say our first words double...

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