Liabilities track money owed to others. This can happen when you
borrow money to buy something, or if you owe someone money.
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Ledger: Command-Line Accountinghecking $500.00 Income:Salary Money, here, comes from an Income account belonging to ‘My Employer’, and is transferred to your checking account. The money is now yours, which makes it an Asset. <span>Liabilities track money owed to others. This can happen when you borrow money to buy something, or if you owe someone money. Here is an example of increasing a MasterCard liability by spending money with it: 2004/09/30 Restaurant Expenses:Dining $25.00 Liabilities:MasterCard The Dining account balance now sho Summary
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