What type of account is Salaries Payable?
A)Asset
B)Contra-Asset
C)Liability
D)Owner's equity

Name: What type of account is Salaries Payable? A)Asset B)Contra-Asset C)Liability D)Owner's equity
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Question

Quizplus · Accepted Answer

Salaries Payable is a liability account because it represents the company's obligation to pay employee salaries in the future. This obligation arises from the fact that employees have earned salaries for work performed during the current accounting period, but the payment will not be made until the next period.

What Type of Account Is Salaries Payable