The Great Awakening. The Great Awakening was an outpouring of religious enthusiasm that occurred in the American colonies in the mid-18th century.Smaller local revivals had occurred in New Jersey in the 1720s with Theodorus Freylinghuysen of the Dutch Reformed Church and the father-and-son team of William and Gilbert Tennent.he Great Awakening. The Great Awakening was an outpouring of religious enthusiasm that occurred in the American colonies in the mid-18th century.
Liabilities are not just loans. When you operate a business, and you have employees you will be responsible for payroll taxes that must be paid on that employee. These are known as payroll liabilities. Credit issued to your customer for defective products or services is a liability until the customer uses the credit. Accounts payable in a business are a liability. Theyâre not loans in the traditional sense, but accounts payable are accounts for which the vendor has extended your business credit purchasing terms.
When an account payable is paid, Accounts Payable will be debited and Cash will be credited. Therefore, the credit balance in Accounts Payable should be equal to the amount of vendor invoices that have been recorded but have not yet been paid.