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The journal entry is typically a credit to accrued liabilities and a debit to the corresponding expense account. Once the payment is made, accrued liabilities are debited, and cash is credited. At such a point, the accrued liability account will be completely removed from the books.

Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses. Liabilities can be contrasted with assets. Liabilities refer to things that you owe or have borrowed; assets are things that you own or are owed.

Total liabilities are calculated by summing all short-term and long-term liabilities, along with any off-balance sheet liabilities that corporations may incur.

Liabilities may only be recorded as a result of a past transaction or event. Liabilities must be a present obligation, and must require payment of assets (such as cash), or services. Liabilities classified as current liabilities are usually due within one year from the balance sheet date.

Form 05-163 ?No Tax Due Report? generates automatically if the following occurs: Taxpayer is a passive entity. Taxpayer is a newly established Texas Veteran Owned Business (must be pre-qualified). Taxpayer is a Real Estate Investment Trust that meets the qualifications.

Beginning January 1, 2014 Texas became the most populous state in the country to implement a mandatory electronic filing system for its courts.