If I owe a company $500, which account would I debit and which would I credit ?
submitted by company is owed 500

db

You would credit Accounts Payable. What you debit depends on what you got for the $500. If you bought equipment, you might debit Fixed Assets.

kathy smith

Debit fixed assets.

Aminu Saidu Marafa

You would debit the company account with $500, and credit the customer account with $500.