1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay...
1. Grayton Industries purchased supplies for $1,300. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,300, a credit to cash account for $500. Which of the following would be the correct way to complete the recording of the transaction?
a. Credit the Grayton, Capital account for $500.
b. Debit the Grayton, Capital account for $500.
c. Credit an asset account for $800.
d. Credit another liability account for $800.
2. On January 14, Franco Industries purchased supplies of $500. The entry to record the purchase will include
a. a debit to Supplies and a credit to Accounts Payable.
b. a debit to Supplies Expense and a credit to Accounts Receivable.
c. a debit to Supplies and a credit to Cash.
d. a debit to Accounts Receivable and a credit to Supplies.
Homework Answers
1) Correct entry
| Date | account and explanation | Debit | Credit |
| Supplies | 1300 | ||
| Cash | 500 | ||
| Account payable | 800 |
So answer is d) Credit another liability account for $800.
2) Journal entry
| Date | account and explanation | Debit | Credit |
| Supplies | 500 | ||
| Cash | 500 | ||
So answer is c) a debit to Supplies and a credit to Cash.
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