Homework Answers
Cost of equipment = $1,420
Cost of supplies = $250
Equipment and supplies were purchased on account.
Accounts payable = Cost of equipment + Cost of supplies
= 1,420 + 250
= $1,670
Increase in assets is debited and hence equipment and supplies will be debited.
Increase in liabilities is credited and hence accounts payable will be credited.
The following journal entry will be made :
Journal
|
Account Title and Explanation |
Debit |
Credit |
| Equipment | 1,420 | |
| Supplies | 250 | |
| Accounts payable | 1,670 |
Correct option is first
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