Use the following five transactions for Morton & Associates, Inc.to answer the questions).
-See the transactions to Morton & Associates.
The journal entry to record the May 9 transaction will include a credit of $1,220 to
A)Furniture and Supplies
B)Cash
C)Accounts Payable
D)Administrative Expenses

Question

Use the following five transactions for Morton & Associates, Inc.to answer the questions). 
-See the transactions to Morton & Associates.
The journal entry to record the May 9 transaction will include a credit of $1,220 to
A)Furniture and Supplies 
B)Cash 
C)Accounts Payable 
D)Administrative Expenses

Quizplus · Accepted Answer

Accounts Payable is credited when a liability is incurred.

Use the Following Five Transactions for Morton & Associates, Inc