Martin Supply Service paid $350 cash to a materials supplier that it owed from the previous month.What is the effect of the cash payment on account of the business?
A) Accounts payable increases;Owners' capital account decreases.
B) Cash account decreases;Accounts payable decreases.
C) Materials account increases;Owners' capital account decreases.
D) Cash account decreases;Accounts payable increases.
Correct Answer:
Verified
Q19: Management accounting focuses on information for decision
Q20: A debt that a business owes to
Q21: Joe purchased office equipment for $1 250
Q22: Hamilton Lawn Service incurred an $800 repair
Q23: A proprietor makes a cash withdrawal from
Q25: Equipment is sold for cash in an
Q28: A business settles a liability by making
Q29: A business receives a bill for services
Q111: Equity decreases with expenses and revenues.
Q112: Equity increases when revenues are earned.
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