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What is the normal balance of a liabilty account?
A liability account normally has a credit balance.
The classification and normal balance of the accounts payable account is?
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.
What is the normal balance for accounts payable?
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 and normal balance of the supplies expense account is a or an?
liability with a credit balance
What is the type of account and normal balance of unearned rent?
liability, credit
What is the normal balance of a liabilty account?
A liability account normally has a credit balance.
The classification and normal balance of the accounts payable account is?
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.
What is the normal balance for accounts payable?
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 and normal balance of the supplies expense account is a or an?
liability with a credit balance
What is the type of account and normal balance of unearned rent?
liability, credit
What is the normal balance of a bonds payable account?
Normal balance of bonds payable account is credit account and it is shown under liability side of balance sheet because these are the amounts payable in future.
What kind of an account (asset liability etc.) is Allowance for Doubtful Accounts and is its normal balance a debit or a credit?
What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit?
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
Is the normal balance of a liability account a debit or a credit?
The normal balance of a liability account is a credit. This means that when a liability increases, it is recorded as a credit entry, while a decrease is recorded as a debit. This is consistent with the fundamental accounting equation, where liabilities represent obligations that a business owes to others.
Why increasing a liability account with a credit when increasing an asset account with a debit?
Liability has credit balance as normal balance so credit joins credit and increases it while assets has debit balance as normal balance so debit and credit cannot join together like plus plus is equals to plus.
Is the normal balance side of a liability account the debit side?
Normal balance of all liabilities accounts are credit side while debit balance is of all expenses and assets.
The type of account and normal balance of Unearned Rent is?
The normal balance of Unearned Rent is typically a liability credit entry. The balance will show up in the post-closing trial of the balance sheet.
