Definition of Debtor. For accounting purposes, customers/suppliers are referred to as debtors/creditors. Creditors are people or organizations from whom a company or person has purchased goods or services but has not made the complete payment yet. What are synonyms for Debits and credits? 7 synonyms for debit: pay out from, payout, debt, payment, commitment, liability, debit entry. FIFO . Antonyms for Debits and credits. A term used in accounting, ‘creditor’ refers to the party that has delivered a product, service or loan, and is owed money by one or more debtors.

A debtor is a term used in accounting to describe the opposite of a creditor — an individual that owes money, or who is in debt to an organisation or person.

The company's accountants record a $1 million debit entry to the audit expense account and a $1 million credit entry to the other current liabilities account.

On the other hand, a debtor is the person or entity who owes money to the creditor. To speak generally, a creditor …

A debtor is a person or enterprise that owes money to another party. Again, this name is used because it reflects the total of the individual purchases on credit (purchases from creditors), as reflected in the purchases ledger. Likewise, the creditors control account is also known as the purchases ledger control account. However, in accounting, we have to differentiate between purchases as explained above and other purchases such as those involving the procurement of a fixed assets (e.g.
factory machine or building). The excess of the assets over the liabilities as shown by … Accounts Payable - money owed to creditors, vendors, etc.. Accounts Receivable - money owed to a business, i.e.

Find more similar words at! One owes money in return for goods, services, or a loan. Synonyms for credit at with free online thesaurus, antonyms, and definitions. credit sales. In appearance the statement of affairs is similar to a balance sheet. Synonyms for creditor at with free online thesaurus, antonyms, and definitions. A creditor without a lien (or other legal claim) on the company's assets is an unsecured creditor. Filing of Returns

Accounting Equation - assets = liabilities + equity. generally accepted accounting principles (GAAP) Accounting guidelines, formulated by the Financial Accounting Standards Board, that govern how accounting is practiced. Definition: The accounts payable ledger, also called the creditors ledger, is a subsidiary ledger that lists all of the vendors and suppliers that a company owes along with their account balances and details.In other words, the A/P ledger is a summary of all the current and outstanding accounts payable.

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