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When journalizing an accounts payable account what account is debited

a. accounts payable
b. it depends on the transaction
c. cash
d. accounts receivable

User Arnold Gee
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1 Answer

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Final answer:

When journalizing an accounts payable account, the account debited depends on the specific transaction. Accounts payable is credited for expenses incurred on credit, but debited when those payables are settled with cash.

Step-by-step explanation:

When journalizing an accounts payable account, the account that is debited depends on the transaction, so the correct answer is b. it depends on the transaction. Accounts payable is a liability account that records amounts the company owes to suppliers or vendors. When a company incurs an expense or purchases inventory on credit, the expense account or inventory account would be debited, and accounts payable would be credited. Conversely, when the liability is paid off, accounts payable would be debited and cash would be credited.

User Gank
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