Question

The payment of accounts payable would
A. increase both assets and liabilities.
B. increase assets and decrease liabilities.
C. decrease both assets and liabilities.
D. decrease assets and increase liabilities.

Answer 1

@kriscoin

Answer 2

My guess is A.

Answer 3

they said it was wrong

Answer 4

a payment does not increase a liability

Answer 5

well of course its wrong ...

Answer 6

so i went with "B"

Answer 7

if you use an asset to pay off a liability, what happens to the assets and the liability?

Answer 8

assets decreases and liability increases

Answer 9

spose i have an asset of $20 in cash
and a liability of $20 on an overdue library book

if i use the cash to pay off the debt; what happens to the accounts, do they increase of decrease?

Answer 10

cash goes to 0
debt goes to 0

Answer 11

so "C"

Answer 12

yes, if i had to choose, i would go with C

Answer 13

ok thank you

Answer 14

youre welcome

Answer 15

can u help me on a few more

Answer 16

1 more prolly, if memory of accounting is valid enough

Answer 17

ok thank u soo much