The balances in liability accounts are nearly always credit balances and will be reported on the balance sheet as either current liabilities or noncurrent (or long-term) liabilities.
The company with the liability account for the debt or payables is known as the debtor. The lenders, vendors, suppliers, employees, tax agencies, etc. who are owed the money are known as the company's creditors.
Learn Bookkeeping: Gain unlimited access to our bookkeeping seminar videos, bookkeeping proficiency exams, bookkeeping cheat sheet, visual tutorials, and more when you upgrade to PRO.