Liabilities are the unpaid bills owed to other companies
or entities for items purchased. These are owed to
suppliers, banks, bond holders or other companies.
Credit is used to hold a company over until such time as
it can raise the money through sales or services to pay
off its creditors. Liabilities accounts have a normal
balance of a credit (Latin for Right)
Accounts Payable- most often due somewhere between 30 to 90 days
Interest Payable- Interested owned on a loan that has not come due for payment.
Salaries Payable- Salaries that have been earned by employees but not yet paid.
Income Tax Payable- Taxes are paid at the end of the year but are accrued during a
Mortgage Payable- non-current amount
Notes Payable- non-current amount
Bonds Payable- is loans from the general public that are non-current amounts