The accounts impacted will be accounts payable and cash, when the bill is paid for later.Right now, we are only buying the supplies on account, so no cash will be impacted.What do you think the other account would be?

Read the below to answer the question:

In the Genie Car Wash example Transaction3 states:The business buys supplies on account, agreeing to pay $3,700 within 30 days. This transaction increases both the assets and the liabilities of the business. Its effect on the accounting equation follows

Assets = Cash + Supplies + Land = $10,000 + $3,7000 + $40,000 = $53,7000Liabilities = Accounts Payable + Common Stock = $3,7000 + $50,000 = $53,700

2 accounts that are impacted are the accounts payable and cash. It isimportant to record this transaction tomake sureyou keep track of changes withthe liabilities and assets.