Any increase is an credit for a liability
The transaction would increase an asset account and increase a liability account?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
indicates an increase in the amount owed to creditors.
account
A liability account is money owed by a company. Such as Accounts Payable and Notes Payable.A transaction that would increase a liability account is if you purchased an item on account. This would increase either the Account Payable or Note Payable accounts.A transaction that would decrease these are actual payments you make to the person/company you owe, hence lowering the balance of how much is owed.For example, I purchase a truck costing $15,000, that transaction has increased my liability in notes payable. Once I begin making payments on that truck, each of those payments will decrease the liability.
The transaction would increase an asset account and increase a liability account?
A liability account is a credit account, and credit accounts can be increased by writing a credit in the journal entry. Therefore, a liability is increased by crediting it.
account payable paid-off by arranging a new loan.
indicates an increase in the amount owed to creditors.
account
A liability account is money owed by a company. Such as Accounts Payable and Notes Payable.A transaction that would increase a liability account is if you purchased an item on account. This would increase either the Account Payable or Note Payable accounts.A transaction that would decrease these are actual payments you make to the person/company you owe, hence lowering the balance of how much is owed.For example, I purchase a truck costing $15,000, that transaction has increased my liability in notes payable. Once I begin making payments on that truck, each of those payments will decrease the liability.
increase the balance of the liability account :)
In accounting, interest and other expenses are neither; they are a contra-equity account. This means that as expenses increase, the owners have less equity. Expenses should normally be treated as a debit account, so as you record interest expenses, you should be crediting either an asset or a liability at the same time.
it's a liability account, it is use to record the amount of money employer owe to employee
No, in recording the adjusting entry for accrued taxes, one account is increased while the other account is increased. The accrued taxes payable account is increased to record the liability for the taxes that has been earned but not yet paid, and an expense account (such as taxes expense) is also increased to reflect the amount of taxes that has been incurred.
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
Liability Accounts record obligations of a business towards its creditors. Examples of liability accounts are Accounts Payable, Interest Payable, Wages Payable. These accounts appear on the balance sheet.