Where do Retained Earnings normally go assuming earning it's positive? Debit or Credit? And liability go to?

Answer 1

You need to take accounting 101

Answer 2

A basic balance sheet for a corporation consists of three sections: Assets (normally a debit balance), Liabilities (normally a credit balance) and Retained Earnings (normally a credit balance). The formula for calculating Retained Earnings is:
Assets minus Liabilities equals Retained Earnings. Incidentally, GAAP requires that Assets, Liabilities and Retained Earnings be shown in that order on the balance sheet.

Answer 3

It doesn't go any where. It is transfered in a closing entry to income summary for financial statement purposes and then back again to the accounts from which it came for recording purposes. Liabilities are done like wise until they become expenses and are paid off. They stay in the payable accounts.

Answer 4

positive retained earnings has a credit balance and is included in the equity section