A Business Buys $500 of Supplies on Account

question 23

Multiple Choice

A business buys $500 of supplies on account.Which account is debited?

• A) Cash
• B) Accounts payable
• C) Supplies
• D) Service revenue

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Definitions:

Economic Growth

An increase in the production of goods and services in an economy over a period, often reflected in GDP growth rates.

Emerging Markets

Countries with developing economies that are experiencing rapid growth and industrialization, offering investment opportunities.

Untapped Markets

Markets or segments currently not being served or fully served by companies, representing potential opportunities for expansion or entry.

Economic Activity

Actions that involve the production, distribution, and consumption of goods and services in an economy.