Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 7 - No. 14)
A business purchases supplies for $500 on account. Which of the following is the correct journal entry?
Debit Supplies $500; Credit Cash $500
Debit Cash $500; Credit Supplies $500
Debit Supplies $500; Credit Accounts Payable $500
Debit Accounts Payable $500; Credit Supplies $500
Explanation
Debit Supplies $500, Credit Accounts Payable $500.
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