Which of the following would result if the business purchased supplies for cash?
A)Supplies would increase and Cash would decrease.
B)Supplies would increase and Capital would increase.
C)Supplies would increase and Accounts Payable would increase.
D)The purchase of supplies is not a business transaction.

Question

Quizplus · Accepted Answer

When a business purchases supplies for cash, Supplies (an asset account) would increase while Cash would decrease (another asset account).

Which of the Following Would Result If the Business Purchased