Answered: f we pay our suppliers for supplies…

f we pay our suppliers for supplies that we had previously purchased, we will need to ____ Accounts Payable. a.Debit b. Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 8MC: Which one of the following documents is not needed to process a payment to a vendor? A. vendor...

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Concept explainers

Measuring Your Credit Capacity

Credit capacity means determining one’s ability to manage credit. The credit capacity of the individual or an organization is measured based on the details of the earnings, expenses, and previous debts. Credit capacity valuation is crucially required in obtaining huge debt obligations from a lender such as housing loans, car loans, and business loans.

Question

If we pay our suppliers for supplies that we had previously purchased, we will need to ____ Accounts Payable.

a.Debit

b. Credit

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