[jjcraig]

Is A/P considered an asset or liability and is it a credit or debit?

[pready]

A/P stands for Accounts Payable and it is for accounts that you have to pay like if you purchase goods on account and the vender sends you a bill for the payment on your goods.

This a liability account and has a normal credit balance, which means that a credit increases the amount due and a debit decreases the acoount balance such as a payment for the goods or when goods are returned because they were defective.