How is a business's payment of an open account entered in the accounting records? O A. Cash is increased and Accounts Payable is decreased. OB. Cash in decreased and Accounts Payable is increased. O C. Both Cash and Accounts Payable are decreased. OD. Both Cash and Accounts Payable are increased.

How is a business's payment of an open account entered in the accounting records? O A. Cash is increased and Accounts Payable is decreased. OB. Cash in decreased and Accounts Payable is increased. O C. Both Cash and Accounts Payable are decreased. OD. Both Cash and Accounts Payable are increased.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 5QY: M. Parish purchased supplies on credit. What is the impact on the accounting equation? a. Increase...

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Question

How is a business's payment of an open account entered in the accounting records?
OA. Cash is increased and Accounts Payable is decreased.
OB. Cash in decreased and Accounts Payable is increased.
OC. Both Cash and Accounts Payable are decreased.
OD. Both Cash and Accounts Payable are increased.

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M. Parish purchased supplies on credit. What is the impact on the accounting equation? a. Increase Supplies and decrease Cash. b. Increase Supplies Expense and increase Accounts Payable. c. Increase Supplies Expense and increase Accounts Receivable. d. Increase Supplies and increase Accounts Payable.
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