Asked by Angelica Golebiewski on Jun 20, 2024

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Liabilities are debts owed by the business entity.

Debts Owed

Amounts of money that are required to be repaid by an individual or organization to creditors.

Liabilities

Financial obligations or debts that a company owes to others, which must be paid back in the future.

  • Recognize how transactions impact liability accounts.
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CJ
Cholan JamalJun 22, 2024
Final Answer :
True
Explanation :
Liabilities represent the amount of money a company owes to creditors, suppliers, employees, and other parties. These can include bank loans, accounts payable, salaries payable, and taxes owed.