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What is the correct entry for a $100 purchase of supplies on credit?
a) Debit Cash: $100 & Credit Supplies: $100
b) Debit Accounts Payable: $100 & Credit Cash: $100
c) Debit Supplies: $100 & Credit Accounts Payable: $100 Debit Accounts Payable: $100 & Credit Supplies: $100
d) Debit Accounts Receivable: $100 & Credit Cash: $100

Respuesta :

kgthaxton2020

the correct answer to this problem is c

Tundexi

The entry will include Debit Supplies for $100 and Credit Accounts Payable for $100.

A purchase of supplies on credit will be treated as Account payable under journal entry because you are the Debtor will $100 for supplier who is the Creditor.

  • Thus, the journal entry is recorded as below.

Date  Account & Explanation     Debit    Credit

         Supplies                             $100

               Account payable                       $100

          (Being a record to record purchase credit)

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