The purchase of supplies on credit increases total assets and total liabilities.
Correct Answer:
Verified
Q4: Owner's drawings are an expense of the
Q10: Expenses are the costs incurred in the
Q11: The withdrawal of cash from the business
Q14: When a company borrows money from the
Q23: The basic accounting equation is in balance
Q27: In order to possess future service potential
Q32: The purchase of office equipment on credit
Q36: External transactions involve economic events between the
Q38: Accountants record both internal and external transactions.
Q39: Internal transactions do not affect the basic
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents