The notes payable account would be debited for $1,750,000 on December 31, 2021. True False

Since Notes payable is a liability in nature, it will be having a Credit balance .

If a transaction reduces Notes payable balance, Notes payable will be debited and when a transaction results in increase in Notes payable balance, notes payable will be credited.

Hence Notes payable will be having a credit balance and shown in Liability side of Balance Sheet as of year end.

Hence correct answer for above statement is False, as notes payable account would be credited for $1,750,000 on December 2021(year end)