An asset would be debited and a liability would be credited if the business

Question options:

bought equipment on account.

incurred an expense and paid it.*not the answer*

bought supplies for cash.

incurred an expense and didn't pay for the expense immediately.

This is a Income and expenditure Account

Explanation: Bought equipment on account - Debit account

Incurred an Expense and paid - Debit Account

Bought Supplies for Cash - Debit Cash account and Credit supplies Account

Incurred an Expense and Didn't pay for the expense immediately - Credit Expense account, Debit Cash account

Answer: incurred an expense and didn't pay for the expense immediately