Tammy's Craft Corner
Working at a local university, Tammy's favorite hobby included anything related to crafts. She could spend hours pouring over the craft books to actually working on and talking to people about craft projects. Tammy was great at what she did and liked to do, but lacked the money management skills. So when Tammy opened her business "Tammy's Craft Corner". Her son, a business major, decided to step in and help mom with managing the money side of the business.

-The amount owed to vendors from whom Tammy purchased the craft merchandise on credit is called:

Question

Tammy's Craft Corner
Working at a local university, Tammy's favorite hobby included anything related to crafts. She could spend hours pouring over the craft books to actually working on and talking to people about craft projects. Tammy was great at what she did and liked to do, but lacked the money management skills. So when Tammy opened her business "Tammy's Craft Corner". Her son, a business major, decided to step in and help mom with managing the money side of the business.

-The amount owed to vendors from whom Tammy purchased the craft merchandise on credit is called:

Quizplus · Accepted Answer

The term "payables" refers to the amount of money owed by the business to vendors or suppliers for goods or services purchased on credit. Therefore, option A is the correct answer. Option B, "demand deposits," refers to funds held in a bank account that can be withdrawn on demand, which is not related to the question. Option C, "receivables," refers to the amount of money owed to a business for goods or services provided on credit, which is the opposite of what the question is asking. Option D, "inventory," refers to the goods a business has on hand to sell to customers, which is also not related to the question.

Tammy's Craft Corner Working at a Local University, Tammy's Favorite Hobby Included Anything