Liability Titles

• 111 Accounts Payable

  • Amounts due to creditors for the goods or services bought on credit
• 112 Notes Payable

  • Amounts due to the creditors which are supported by a promissory note
• 113 Interest Payable

  • Interest incurred but not yet paid
• 114 Taxes and Payable
• 115 Salaries Payable

  • Amounts due to the employees for services they have rendered