Liabilities - Chart of Accounts

Now for liabilities.  In general liabilities in a business are amounts owed to others.  These may include:  accounts payable (invoices to vendors), wages payable, payroll liabilities (payroll taxes owed to federal and state agencies), sales tax payable, customer advances, bank loans, credit card payable and notes payable.  These are just a few examples of liabilities a company may have.  If your business owes money to someone else you have a liability. 


LIABILITIES