Question: ABC purchases $ 1 , 0 0 0 in various supplies from a vendor, promising to pay for those supplies in the future. How does

ABC purchases $1,000 in various supplies from a vendor, promising to pay for those supplies in the future. How does this transaction affect its balance sheet?
Group of answer choices
Supplies increases and Accounts Payable decreases.
Supplies decreases and Accounts Payable decreases.
Supplies increases and Accounts Payable increases.
Supplies decreases and Accounts Payable increases.
ABC purchases $1,000 in various supplies from a vendor, promising to pay for those supplies in the future. How does this transaction affect its balance sheet?
Group of answer choices
Supplies increases and Accounts Payable decreases.
Supplies decreases and Accounts Payable decreases.
Supplies increases and Accounts Payable increases.
Supplies decreases and Accounts Payable increases.

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