Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 47 - No. 49)
When a company buys office supplies on credit, which accounts are affected?
Debit Supplies Expense, Credit Cash
Debit Supplies, Credit Accounts Payable
Debit Cash, Credit Supplies
Debit Accounts Payable, Credit Supplies
Explanation
Supplies increases (debit) and Accounts Payable increases (credit).
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