What is the correct entry for a $100 purchase of supplies on credit?
What is the correct entry for a $100 purchase of supplies on credit?
Debit Cash: $100 & Credit Supplies: $100
Debit Accounts Payable: $100 & Credit Cash: $100
Debit Supplies: $100 & Credit Accounts Payable: $100
Debit Accounts Payable: $100 & Credit Supplies: $100
Debit Accounts Receivable: $100 & Credit Cash: $100
Homework Answers
Journal entry
| date | account and explanation | debit | Credit |
| Supplies | 100 | ||
| Account payable | 100 | ||
So answer is c) Debit supplies $100 & credit account payable $100
ANSWER :
Option 3rd : Debit Supplies : $100. & Credit Accounts Payable : $100
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What is the correct entry for a $100 purchase of supplies on credit?
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Journalize the entries to correct the following errors: a. A purchase of supplies for $248 on account was recorded and posted as a debit to Supplies for $515 and as a credit to Accounts Receivable for $515. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. Accounts Receivable b. A receipt of $4,044 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,044 and...
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