question 4 an accounts payable results when a a business buys a product from a vendor and pays cash. b a…

question 4 an accounts payable results when a a business buys a product from a vendor and pays cash. b a business incurs and expense and makes the payment at a later date. c a business provides a service or sells a product to a customer and the customer pays cash. d a business provides a service or sells a product to a customer and the customer is allowed to pay at a later date. 25 points

question 4 an accounts payable results when a a business buys a product from a vendor and pays cash. b a business incurs and expense and makes the payment at a later date. c a business provides a service or sells a product to a customer and the customer pays cash. d a business provides a service or sells a product to a customer and the customer is allowed to pay at a later date. 25 points

Answer

Brief Explanations:

Accounts payable is a liability account that represents an amount a business owes to a creditor for goods or services received on credit. When a business buys a product from a vendor and does not pay cash immediately, it creates an accounts - payable obligation. Option A involves a business paying cash when buying a product, so no accounts payable is created. Option C is about a business receiving cash when selling a product, which has nothing to do with accounts payable. Option D is about a business allowing a customer to pay later (which creates accounts receivable for the business, not accounts payable). Only when a business incurs an expense and pays later does accounts payable result.

Answer:

B. a business incurs and expense and makes the payment at a later date.