Question

The accounts payable account is a/an _______, and it has a normal _______ balance.

Answer 1

In finance and accounting, accounts payable can operate as either a credit or a debit. Because accounts payable is a penalty account, it should have a credit balance.

Are accounts owed a debit or credit in normal balance?

Accounts payable (A/P) is a type of penalty account, so it stays on the credit side of the trial balance as the normal balance. It is the amount that we owe to suppliers for the interests or services that we have already acquired but have not paid yet.

Accounts payable (AP) is a short-term debt and a liability on a balance sheet where a corporation owes money to its vendors/suppliers that have provided the business with goods or services on credit.

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