Q2TI_2 - Horngren'S Financial And Managerial Accounting

Question

 

For each account listed, identify whether the account would appear in either the income statement section or the balance sheet section of the worksheet. Assuming normal balances, identify if the account would be recorded in the debit (DR) or credit (CR)

column.

9. Accounts Payable

Step-by-Step Solution

Answer

Accounts payable is shown in Balance Sheet and in credit (CR) column.

Step-by-Step-Solution

Step 1: Explanation on Balance sheet

Balance sheet reports the balances of assets, liabilities and equity as on particular date. 

Step 2: Explanation on Accounts Payable

Accounts payable are the part of the liabilities, which indicates the amount owed by te business to the suppliers. It balance gets increased by every credits.