Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 24 - No. 24)
What is the correct journal entry for recording the purchase of office supplies on credit?
Debit Office Supplies, Credit Cash
Debit Office Supplies, Credit Accounts Payable
Debit Cash, Credit Office Supplies
Debit Accounts Payable, Credit Office Supplies
Explanation
Office supplies (asset) increase (debit) and a liability (accounts payable) is created/increased (credit).
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