Journal Entry Accounts Payable is an accounting transaction that records a company’s current liabilities, or money owed to suppliers and other creditors. It includes invoices which have been received and accepted by the company, but have not yet been paid. The journal entry will assign a debit to the accounts payable account in the general ledger, effectively increasing the amount of the company’s overall liability. A credit can be assigned to the specific account for goods or services associated with the liability, or it could be credited to another liability account such as taxes or loans. By making this journal entry, companies can maintain an accurate record of their current payments and due dates.