Question

In May, Pasta Disasta, Inc. paid its suppliers $500 that it owed for the pizza pans purchased and received in April. Which accounts are affected?

Answer 1

Based on the information given the account that are affected is:

• $500 decrease in liabilities
• $500 decrease in assets.

Accounts that are affected

Assuming the company paid its suppliers the amount of  $500 that it owed for the pizza pans they purchased and received in the month of April. Hence, liabilities account will decrease by $500 while the assets account will decrease by $500.

Thus:

• $500 decrease in liabilities

• $500 decrease in assets

Inconclusion the account that are affected is:$500 decrease in liabilities, $500 decrease in assets.

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