Answered: What is the impact to Liabilities when…

What is the impact to Liabilities when a business purchases $1,500 supplies on account? O Supplies increases by $1,500 Accounts Payable increases by $1,500

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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Question

What is the impact to Liabilities when a business purchases $1,500 supplies on
account?
Supplies increases by $1,500
Accounts Payable increases by $1,500
O Accounts Payable decreases by $1,500
O Accounts Receivable increase by $1,500

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