[New post] [Answer] Which of the following is a liability account?a.Accounts payable b.Prepaid expense c.Salaries expense d.Service revenue

answertrivia posted: " Answer: A. Accounts Payable Which of the following is a liability account?a.Accounts payable b.Prepaid expense c.Salaries expense d.Service revenue Bookkeeping for expenses. In double-entry bookkeeping expenses are recorded as a d" Respond to this post by replying above this line New post on AnswerTrivia.com [Answer] Which of the following is a liability account?a.Accounts payable b.Prepaid expense c.Salaries expense d.Service revenue by answertrivia Answer: A. Accounts Payable Which of the following is a liability account?a.Accounts payable b.Prepaid expense c.Salaries expense d.Service revenue Bookkeeping for expenses. In double-entry bookkeeping expenses are recorded as a debit to an expense account (an income statement account) and a credit to either an asset account or a liability account which are balance sheet accounts. An expense decreases assets or increases liabilities. Typical business expenses include salaries utilities depreciation of capital assets and interest ... Chart of accounts - Wikipedia Liability (financial accounting) - Wikipedia Liability (financial accounting) - Wikipedia Chart of accounts - Wikipedia Debits and credits occur simultaneously in every financial transaction in double-entry bookkeeping. In the accounting equation Assets = Liabilities + Equity so if an asset account increases (a debit (left)) then either another asset account must decrease (a credit (right)) or a liability or equity account must increase (a credit (right)).In the extended equation revenues increase equity ... In financial accounting a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events the settlement of which may result in the transfer or use of assets provision of services or other yielding of economic benefits in the future.. A liability is defined by the following ... A single lease expense is recognized for an operating lease representing a combination of amortizing the asset and the liability . This is considered an operating expense just as ASC 840 rent expense is so there is usually no difference in a company's income statement or statement of … In financial accounting a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization whether it be a sole prop... This free site is ad-supported. Learn more ​ answertrivia | 5th Apr 2021 at 9:40 am | Categories: Uncategorized | URL: https://wp.me/pcLptW-Iln Comment    See all comments Unsubscribe to no longer receive posts from AnswerTrivia.com. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://answertrivia.wordpress.com/2021/04/05/answer-which-of-the-following-is-a-liability-accounta-accounts-payable-b-prepaid-expense-c-salaries-expense-d-service-revenue-14/ Thanks for flying with WordPress.com