Question

Which account is affected by recording the buying of goods on credit?

A) Cash
B) Retained Earnings
C) Common Stock
D) Accounts Payable

Answer 1

The account that is affected by recording the buying of goods on credit is Accounts Payable.

Step-by-step explanation:

The account that is affected by recording the buying of goods on credit is Accounts Payable. Accounts Payable is a liability account that represents the amount owed by the business to its suppliers or creditors for goods or services purchased on credit. When goods are purchased on credit, the Accounts Payable account increases, indicating the amount owed to the creditor.