Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why For each of the following accounts indicate the effects of a debit and a credit on the accour1. Accounts PayableDebit EffectDecreaseCredit EffectIncreaseNormal BalanceCredit

Liability is the amount that is owed by a company. Liability is divided into two categories that is…

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Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 4E: The following table summarizes the rules of debit and credit. For each of the items (a) through (l),...

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why

For each of the following accounts indicate the effects of a debit and a credit on the accour
1. Accounts Payable
Debit Effect
Decrease
Credit Effect
Increase
Normal Balance
Credit

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