Answered: f we pay our suppliers for supplies…

f we pay our suppliers for supplies that we had previously purchased, we will need to ____ Accounts Payable. a.Debit b. Credit

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 4MC: When fees are earned and the customer promises to pay later, which account is debited? (a) Cash (b)...

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Concept explainers

Measuring Your Credit Capacity

Credit capacity means determining one’s ability to manage credit. The credit capacity of the individual or an organization is measured based on the details of the earnings, expenses, and previous debts. Credit capacity valuation is crucially required in obtaining huge debt obligations from a lender such as housing loans, car loans, and business loans.

Question

If we pay our suppliers for supplies that we had previously purchased, we will need to ____ Accounts Payable.

a.Debit

b. Credit

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