The normal balance of notes payable is a ________ because it is a(n)________ account.
A)debit; expense
B)credit; revenue
C)debit; asset
D)credit; liability

Question

Quizplus · Accepted Answer

Notes payable is a liability account, and like all liability accounts, it has a normal credit balance. This means that increases in notes payable are recorded as credits, and decreases are recorded as debits.

The Normal Balance of Notes Payable Is a ________ Because