The purchase of supplies on account
A) Increases assets and decreases liabilities
B) Decreases assets and increases liabilities
C) Increases assets and increases liabilities
D) Decreases assets and decreases liabilities
Correct Answer:
Verified
Q12: The basic accounting equation is
A) Assets =
Q13: Owners' equity accounts are decreased with
A) Debit
Q14: The basic accounting equation
A) Is out of
Q15: Which of the following types of entries
Q16: An entry to the left side of
Q18: If a company paid off a loan,
Q19: If a company purchased equipment for cash,
Q20: Borrowing money from a bank
A) Increases assets
Q21: Which of the following accounts is decreased
Q22: When accounts receivable are collected,
A) Total assets
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