BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The vendor invoices are entered as credits in the Accounts Payable account, thereby increasing the credit balance in Accounts Payable. When a company pays a vendor, it will reduce Accounts Payable with a debit amount.

Detailed explanation-2: -Expert-Verified Answer. The event that corresponds to the journal entry when Inventory Account is debited and Vendor Account is credited is Sale of goods on credit.

Detailed explanation-3: -The journal entry for payment made to a vendor would be a debit to the cash or bank account and a credit to the accounts payable account. This entry decreases the cash/bank balance and decreases the accounts payable balance, which is an account that records the amount of money the business owes to its vendors.

Detailed explanation-4: -Say you purchase $1, 000 in inventory from a vendor with cash. To record the transaction, debit your Inventory account and credit your Cash account. Because they are both asset accounts, your Inventory account increases with the debit while your Cash account decreases with a credit.