Under what accounting head should this account be created?

[Mike or Penny Novack]

On 7/13/2015 9:05 AM, nosherwan wrote:
> Hello all,
>
> I want to know under which head should I create an account of a friend to
> whom I sometimes owe money and other times he owes me.
>
> Thanks,
  Accounts should be placed in the tree according to their usual 
balance. If it is more usual for you to be owing your friend money, then 
under liabilities, but if the friend normally owes you money, then under 
assets. If it's more like 50--50, flip a coin, etc.

Michael