Asked by
Janey Jones
on Oct 16, 2024
Verified
Increases in liability accounts are recorded as debits.
Liability Accounts
Financial accounting ledgers that record amounts owed to creditors or suppliers.
Debits
Accounting entries that increase asset or expense accounts, or decrease liability, equity, or revenue accounts.
- Acquire knowledge about the typical balance and the method for escalating or reducing different sorts of accounts like assets, liabilities, equity, revenue, and expenses.
Verified Answer
SH
Learning Objectives
- Acquire knowledge about the typical balance and the method for escalating or reducing different sorts of accounts like assets, liabilities, equity, revenue, and expenses.