Asked by Melina Collins on Jun 20, 2024
Verified
The classification and normal balance of the accounts payable account are
A) asset, credit balance
B) liability, credit balance
C) owner's equity, credit balance
D) revenue, credit balance
Classification
The systematic arrangement of business transactions or accounts into categories for reporting and analysis purposes.
Normal Balance
The side (debit or credit) of an account that is expected to have a higher balance based on accounting rules.
Accounts Payable
Liabilities or amounts owed by a business to its suppliers for goods and services received but not yet paid for.
- Discern and organize assorted categories of accounts (assets, liabilities, owner's equity, expenses, revenues).
- Identify the standard balance orientation (debit or credit) across different types of accounts.
Verified Answer
Learning Objectives
- Discern and organize assorted categories of accounts (assets, liabilities, owner's equity, expenses, revenues).
- Identify the standard balance orientation (debit or credit) across different types of accounts.
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