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Horngren'S Financial And Managerial Accounting
Found in: Page 193

Short Answer

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)


9. Accounts Payable

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

See the step by step solution

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.


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