Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 22 - No. 20)
How is the purchase of office supplies on credit recorded?
Debit supplies expense, credit cash.
Debit supplies expense, credit accounts payable.
Debit office supplies, credit cash.
Debit office supplies, credit accounts payable.
Explanation
Office supplies are an asset and are debited, and the account payable is credited.
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