liability accounts

What Is A Record Of Increases And Decreases In A Specific Asset/liability Equity Revenue Or Expense Item?

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What Is A Record Of Increases And Decreases In A Specific Asset/liability Equity Revenue Or Expense Item? True, an account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. What is used to record changes in assets liabilities and equity? Recording Changes in Balance Sheet Accounts Balance

What Is The Normal Balance For Liabilities?

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What Is The Normal Balance For Liabilities? Account Type Normal Balance LiabilityCREDIT Equity CREDIT Revenue CREDIT Expense DEBIT Are liabilities normally a debit or credit? Liability accounts will normally have credit balances and the credit balances are increased with a credit entry. Recall that credit means right side. What is the normal balance for liabilities