When a company makes a payment for amounts owed from prior purchases,it will record a debit to ________ and a credit to ________.
A)Accounts Payable;Cash
B)an expense;Cash
C)Accounts Payable;Retained Earnings
D)Cash;an expense

Question

Quizplus · Accepted Answer

The entry includes a debit to Accounts Payable (to decrease this liability account)and a credit to Cash (to decrease this asset account).

When a Company Makes a Payment for Amounts Owed from Prior