Liabilities are typically credit balances
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
The classification of Accounts Payable is liability, and a current liability, it has a normal credit balance, and is found on the Balance Statement as a permanent account.
Accounts Payable is a Liability and therefore its normal balance is a Credit on the Balance Sheet
What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit?
Normal balance of all liabilities accounts are credit side while debit balance is of all expenses and assets.
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
The classification of Accounts Payable is liability, and a current liability, it has a normal credit balance, and is found on the Balance Statement as a permanent account.
Accounts Payable is a Liability and therefore its normal balance is a Credit on the Balance Sheet
What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit?
Accounts Payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.
Normal balance of all liabilities accounts are credit side while debit balance is of all expenses and assets.
1. As accounts payable is the liability of the company to be paid in future so in this way like all other liabilities accounts balance, accounts payable has also credit balance.
yes, liability accounts are on the trial balance.
Accounts payable is liability and fall under liability side of balance sheet.
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.
Accounts payable and salaries payable both are part of current liability of balance sheet and shown there at liability side.
Accounts Payable is a liability so it should be a credit balance.