Adjusting Entries for Liability Account Types
Adjusting Entries for Liability Account Types: Adjusting entries for liability accounts include account payable, unearned revenue, note payable and payroll payable, so we will discuss these accounts as follows. 1. Accounts Payable (AP)/Trade Payable Accounts Payable is a liability account that reports the amounts owed to suppliers or vendors at balance sheet date. Under the accrual basis of accounting, expenses
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