Accounts Payable, Taxes Payable, and Notes Payable:
◦ decrease on the debit side, increase on the credit side and are liabilities.
◦ increase on the debit side, decrease on the credit side and are assets.
◦ decrease on the debit side, increase on the credit side and are revenues.
◦ increase on the debit side, decrease on the credit side and are expenses.