An asset would be debited and a liability credited if
A) the business bought supplies for cash.
B) the business incurred an expense and paid it.
C) the business incurred an expense and did not pay for the expense immediately.
D) the business bought equipment on account.

Question

Quizplus · Accepted Answer

If the business bought equipment on account, then an asset (equipment) would be debited and a liability (accounts payable) would be credited.

An Asset Would Be Debited and a Liability Credited If