Purchasing supplies on account would include a:
A)debit to supplies and a credit to note payable.
B)debit to supplies and a credit to cash.
C)debit to supplies and a debit to accounts payable.
D)debit to supplies and a credit to accounts payable.

Question

Quizplus · Accepted Answer

When purchasing supplies on account, the company increases its supplies (an asset) with a debit and increases its accounts payable (a liability) with a credit, reflecting the obligation to pay for the supplies in the future.

Purchasing Supplies on Account Would Include A