Question: Purchasing supplies on account _ _ _ _ _ _ _ _ _ _ a ( n ) _ _ _ _ _ _ _

Purchasing supplies on account __________ a(n)__________ account.
a. decreases; asset
b. increases; revenue
c. decreases; expense
d. increases; liability

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Sherry is reading a financial statement that includes Equipment, Retained Earnings, and Accrued Utilities Payable. Which financial statement is Sherry analyzing? The income statement All of the...

Q:

Boost LTE Done PRINCIPLES OF ACCOUNTIN... 1. Accounting is thought to be the language of business" because 6:28 PM business information is communicated to users. a. True b. False 2. A business is an...

Q:

Please only select the correct answer. No need for explanation I need it urgently I will give you a thumbs up as soon as you submit the answer a) Assec b) Liability c) Revenue 3. A company has total...

Q:

Please show your reasoning/math. Thank you! 10. Which of the following is not true of adjusting entries? Adjusting entries: a) Affect at least one statement of income account and one statement of...

Q:

Tractari reconded in son trial balance Journal a todger d Financial Statement * Providing services for $2.000 where cash is immediately received, will come service revenue to be debited for 52.000...

Q:

Please only select the correct answer. No need for explanation I need it urgently I will give you a thumbs up as soon as you submit the answer from 3 to 15 3. A company has total assets of OMR...

Q:

Click to watch the Ti Me More Learning Objective 2 video and then answer the questions below. and - respectively. 1. Asset accounts and liability accounts are increased by a. debits; debits b....

Q:

Please I need the solution urgently 9) Assets b) Expenses c) Revenues d) Liabilities 10. Which of the following users is NOT considered external users of financial information? a) Suppliers b)...

Q:

Chapter 2 Work Calculator and Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. Asset accounts and liability accounts are increased by respectively a....

Q:

Please only select the correct answer from question 1 to 15 No need for explanation please since I need the answers urgently 1. A company has cash of OMR 100,000 ; equipment of OMR 30,000; accounts...

Q:

Some people believe that the audit industry has fallen out of touch with the realities of business. They believe that accounting standards were developed for a manufacturing environment and are not...

Q:

What are the main components of a companys cost of capital? Rank these components from lowest to highest cost (a) On a before-tax and (b) On an after-tax cost basis, and explain why these differences...

Q:

Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy:...

Q:

What is Google Analytics? Tags added to a URL, and when clicked are tracked. A measurement of the value from social media marketing. None of these options. All of these options. A web analytics...