Question

Which of the following accounts appear in the liabilities section of the balance sheet? multiple choice

O accounts payable, allowance for doubtful accounts, warranties payable
O accounts payable, notes payable, allowance for doubtful
O accounts notes payable, discount on notes payable, credit card
O receivables warranties payable, discount on notes payable, accounts payable

Answer 1

Accounts payable, notes payable, and warranties payable are accounts that appear in the liabilities section of the balance sheet.

Step-by-step explanation:

In the liabilities section of a balance sheet, the following accounts typically appear:

• Accounts payable: This account represents the amount the company owes to its suppliers or vendors for goods or services received but not yet paid for.
• Notes payable: This account represents the amount of money the company owes to lenders or financial institutions in the form of loans or promissory notes.
• Warranties payable: This account represents the future obligations of the company to provide warranty services or honor warranty claims on its products.