General Ledger, Charts of Accounts, Accounts - Asset Accounts - Liability Accounts
5 important questions on General Ledger, Charts of Accounts, Accounts - Asset Accounts - Liability Accounts
What are examples of liability accounts?
How is the Notes Payable account described?
- Liability account. Linked to borrowing money. The company is asked to sign a document that is a formal written promise to agree to pay a specific sum on a future date, often with interest. (Note: This is a separate account from Accounts Payable, not a sub-account).
What does the Accrued Liabilities account represent?
- Liability account. Amounts owed but not yet paid, such as wages payable, taxes payable, and interest payable. Kept in separate liability accounts. (You have received the service but haven't paid yet).
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How are Unearned Revenues recorded and transferred?
- Liability recorded when customers pay in advance for products or services. Work has not been performed yet. Liability then transferred to revenue when the service is performed. (You have received cash but haven't done the work yet).
Quick reference: Accrued Liabilities
You receive the service FIRST → You pay cash LATER
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