For a month's transactions for a typical medium-sized business, the accounts payable account is likely to have only credit entries.

Question

Quizplus · Accepted Answer

The accounts payable account is used to track what the business owes to its vendors or suppliers. Transactions may include both debit and credit entries, as the business may make purchases on credit or pay off outstanding balances. Therefore, the accounts payable account is unlikely to have only credit entries for a month's transactions for a typical medium-sized business.

For a Month's Transactions for a Typical Medium-Sized Business, the Accounts