Which of the following entries records the payment of an account payable? a.debit Cash; credit Accounts Payable b.debit Cash; credit Supplies Expense c.debit Accounts Receivable; credit Cash d.debit Accounts Payable; credit Cash

Which of the following entries records the payment of an account payable? a.debit Cash; credit Accounts Payable b.debit Cash; credit Supplies Expense c.debit Accounts Receivable; credit Cash d.debit Accounts Payable; credit Cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following entries records the payment of an account payable?

a.debit Cash; credit Accounts Payable

b.debit Cash; credit Supplies Expense

c.debit Accounts Receivable; credit Cash

d.debit Accounts Payable; credit Cash

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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