FIII In the Blank Questlon A company purchased $300 of supplies on account. This transaction would be journalized with a debit to the account and a credit to the account.
FIII In the Blank Questlon A company purchased $300 of supplies on account. This transaction would be journalized with a debit to the account and a credit to the account.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 8EA: Maddie Inc. has the following transactions for its first month of business. A. What are the...
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Supplies is a current asset with a normal debit balance. When a company purchases on account, the liability created is credited to accounts payable.
Hence, $300 will be debited to supplies account and $300 will be credited to accounts payable.
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