Asked by
Kayla Thorne
on Nov 15, 2024
Verified
A decrease in a liability account is recorded by a debit.
Liability Account
An accounting record representing money or value owed by the company to others.
Decrease
A reduction in size, number, or amount.
Debit
A bookkeeping record that leads to an uptick in a firm's assets or a reduction in its liabilities on the balance sheet.
- Establish the usual balances pertaining to different account classifications (assets, liabilities, equity).
Verified Answer
LW
Learning Objectives
- Establish the usual balances pertaining to different account classifications (assets, liabilities, equity).