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Assume that the business uses $10,000 from its cash account to pay for supplies that were ordered on credit terms that have already been received

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Assume that the business uses $10,000 from its cash account to pay for supplies that were ordered on credit terms that have already been received and booked (recorded on the balance sheet). Which of the following statements reflects the resulting balance sheet change? The cash account decreases by $10,000 and the accounts payable account decreases by $10,000 The cash account decreases by $10,000 and the supplies account increases by $10,000 The cash account decreases by $10,000 and the retained earnings account decreases by $10,000 The cash account decreases by $10,000 and the accounts receivable account increases by $10,000 Which of the following statements about not-for-profit corporations is correct? They can legally accept private donations They pay dividends to stockholders They typically pay local and state taxes They typically pay federal income taxes

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