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Dovator [93]
3 years ago
13

Select all that apply When supplies are purchased on credit it means that: (Check all that apply.) Multiple select question. the

business will pay for the supplies at a later time. a liability has been incurred. the business will pay for the supplies immediately. the Accounts Payable account will be increased.
Business
1 answer:
kkurt [141]3 years ago
8 0

Answer:

the business will pay for the supplies at a later time

a liability has been incurred.

the Accounts Payable account will be increased.

Explanation:

In the case when the supplies are purchased on credit, the following entry should be passed

Supplies Dr XXXX

     To Account payable XXXX

(Being supplies purchased on credit is recorded)

here supplies is debited as it increased the asset and credited the account payable as it also increased the liabilities

So the following options should be chosen

1. The business would pay at a later time

2. Liability is incurred

2. The account payable is increased

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The Pioneer Company has provided the following account balances: Cash $38,600; Short-term investments $4,600; Accounts receivabl
Artyom0805 [142]

Answer:

Total Current Assets      $ 100,800

Explanation:

The current asset are those assets which are cash cash or the firm expect to convert in cash within a 12 month period (one-year)

Assets with a useful life or collection date longer than a year will be considered non-current thus, non included in current asset

Cash                                $  38,600

Short-term investments $     4,600

Accounts receivable      $    51,000

Supplies                        <u>  $     6,600  </u>

Total Current Assets      $ 100,800

4 0
3 years ago
What is the first phase of the money laundering process called?
Maksim231197 [3]

Money laundering involves three steps: The first involves introducing cash into the financial system by some means ("placement")

5 0
3 years ago
Which of the following items should be included in a company's inventory at the balance sheet date? A) Goods sold to a customer
Nikitich [7]

Answer:

The correct answer is C.

Explanation:

In the inventory of a company, when it is on the balance sheet date, goods in transit purchased at an f.o.b. shipping point must be included.

Goods in transit are goods that are not physically in the warehouse but have already been paid for by the company. This already acquired merchandise is property of the company, only that its arrival is only waited for to the deposit.

Have a nice day!

8 0
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If the price of a good falls by 10% and the percentage increase in the total amount consumers spend on the good is 10%, then the
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Answer:

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