The classification and normal balance of the accounts payable account is
A) an asset with a credit balance
B) a liability with a credit balance
C) owner's equity with a credit balance
D) revenue with a credit balance

Question

Quizplus · Accepted Answer

Accounts payable is a liability account, as it represents the amount owed to vendors and suppliers for goods or services purchased on credit. As a liability account, it has a normal credit balance.

The Classification and Normal Balance of the Accounts Payable Account