Which of the Following Accounts Is a Liability

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NetMBA Business Knowledge Center. The current months utility bill is usually due the following month.


Ts Grewal Solutions Class 11 Accountancy Chapter 6 Accounting Procedures Rules Debit Credit Q6 Accounting Bookkeeping Business Debit

These utility expenses are accrued and paid in the next period.

. If a limited liability company is a restricted professional company its certificate of organization or foreign registration statement must contain a statement to that effect including a brief description of the restricted professional service or. Summary Liability Accounts. Blocking users disables them from viewing your videos or engaging with you through direct messages comments follows or likes.

Once the utilities are used the company owes the utility company. Liability accounts have a. Debit entries are most commonly payments to the creditors.

In liability types of accounts credit balances are the traditional ending balance. Limited liability companies rendering certain professional services must form as a restricted professional company. How to block someone.

Debits and Credits are merely values assigned to accounts and offset each other in order for the dual entry system to work effectively.


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