Sentence examples for liability account from inspiring English sources

Last year, Cheesecake Factory said in a filing it had created a $2.2 million liability account on its balance sheet to cover the fallout from the ongoing IRS audit.

The unused balances sit in a liability account, waiting to be paid out to employees.

Rent Payable is a liability account used to recognize the accrual of rent payments owed.

Create a current liability account called "Customer Deposits" or "Prepaid Sales.

Credit Bonds Payable for $1000 and Premium on Bonds Payable (a liability account) for $80.

Company B debits Building for $120,000 and credits Lease Payable, a long-term liability account, for $120,000.

Insertion of financial accounts into the SAM requires the inclusion of flows related to capital accounts and financial asset (or liability) accounts (Emini and Fofack 2004) by each Institutional Sector.

Remember, debits increase expense accounts, and credits increase liability accounts.[5].

This conduit relationship necessitates the existence of sales tax liability accounts for each client and when this payment is made, the liability is satisfied.

For example, say a company begins all its liability accounts with a "2" and all its expense accounts with a "4".

Theoretically, all the assets of the company are either financed by borrowing, which is associated with the liability accounts, or are financed by past earnings and contributions from owners, which are associated with equity.