Question

In order for The Gift Market, a local specialty store, to purchase Christmas merchandise for selling in its store, it had to borrow money from a local bank. This debt owed to the bank is a(n) _________.

Answer 1

Liability

Step-by-step explanation:

Liabilities are a company's or business legal financial debts that arise during the cours of business operatiions. These are settled over time through transfer of economic benefits like money or through goods and services.