All of the following are liability accounts except:_____.
a. payable.
b. accounts payable.
c. unearned ticket revenue.
d. taxes payable.
e. commissions earned.

Question

01-09-2022
Business

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All of the following are liability accounts except:_____.
a. payable.
b. accounts payable.
c. unearned ticket revenue.
d. taxes payable.
e. commissions earned.

Sagot :

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Qwlillyidn Qwlillyidn · Answer 1 · 2022-09-05T07:59:16-04:00

All accounts are liability account except commissions earned account. Thus the correct option is E.

As we see payable is our liability. Account payable , taxes payable all are our liability. All liability have a debit balance. Commission earned is a asset which means we got is our income and income always have a credit balance.

Liability is recorded in right side of the balance sheet. Liability is the company's financial obligations. There are two types of liability current liability. These liability generally liquidate within a year.

The second type is long-term liability. These liability generally do not liquidate within a year. These take a long time to liquidate.

Learn more about liability.

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