Asked by Cameron Conley on Jul 09, 2024
Verified
Which of the following accounts would be increased by a debit?
A) Supplies
B) Accounts Payable
C) Capital
D) Service Revenue
Supplies
Items used in the day-to-day operations of a business, typically consumable in nature, such as office supplies, cleaning materials, and manufacturing components.
Accounts Payable
Accounts payable are liabilities of a business that represent its obligations to pay off a short-term debt to its creditors or suppliers.
Service Revenue
The income earned by a company for the services it has provided to its customers.
- Absorb an understanding of the essential qualities of asset, liability, capital, revenue, and expense accounts, including their typical balances.
Verified Answer
BS
Becca SlickJul 11, 2024
Final Answer :
A
Explanation :
Debits increase asset and expense accounts, and Supplies is an asset account. Accounts Payable, Capital, and Service Revenue are increased by credits, not debits.
Learning Objectives
- Absorb an understanding of the essential qualities of asset, liability, capital, revenue, and expense accounts, including their typical balances.