Asked by
Raquel Wilson
on Oct 16, 2024
Verified
Alicia Tax Services paid $500 to settle an account payable.Which of the following general journal entries will Alicia Tax Services make to record this transaction?
A) Debit Office supplies expense,$500; credit Cash,$500.
B) Debit Cash,$500; credit Office supplies,$500.
C) Debit Office supplies,$500; credit Cash,$500.
D) Debit Office supplies,$500; credit Accounts payable,$500.
E) Debit Accounts payable,$500; credit Cash,$500.
Accounts Payable
Liabilities of a business that are due to be paid to creditors within a short period, usually one year.
General Journal
A primary accounting record used to track all financial transactions of a business, entered in chronological order.
Office Supplies
Consumable items used in an office setting, such as paper, pens, and office equipment.
- Implement the regulations of debits and credits for precise transaction recording.
- Acquire the skills to document cash transactions, receivables, payables, and equity events.
Verified Answer
VG
Learning Objectives
- Implement the regulations of debits and credits for precise transaction recording.
- Acquire the skills to document cash transactions, receivables, payables, and equity events.