Connie made a purchase on account of printer paper to last for about three months; this transaction increased Supplies and decreased Accounts Payable.

Question

Quizplus · Accepted Answer

The transaction increased Supplies (an asset) and increased Accounts Payable (a liability) because it was a purchase made on account, not a payment of an account payable which would decrease Accounts Payable.

Connie Made a Purchase on Account of Printer Paper to Last