On a balance sheet, the creditor is who a person owes money to. This may include things someone buys, utilities and monthly bills or any debts someone owes.
A balance sheet shows an individual or a business where they stand in terms of finances. It helps in determining overall net worth, liabilities and assets to help an individual or business stay on track with their financial goals. This sheet must always be in balance with the assets equaling the liabilities plus the net worth. The information on the sheet changes daily and it depends on the different purchasing and paying activities that occur that day.