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14-04-2020
Business

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On January 14, Edamame Industries purchased supplies of $700 for cash. The entry to record the purchase will include A. a debit to Supplies and a credit to Cash. B. a debit to Supplies and a credit to Accounts Payable. C. a debit to Accounts Receivable and a credit to Supplies. D. a debit to Supplies Expense and a credit to Accounts Receivable.

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Shahzaibfaraz Shahzaibfaraz

15-04-2020

Answer:

The entry to record this transaction is a. a debit to Supplies and a credit to Cash.

Explanation:

The supplies are an asset of the business that are recorded under the current assets. The purchase of supplies will mean an increase in the supplies and a debit to the supplies account. The supplies are purchased for cash which means the cash will decrease causing a credit to the cash account. So, the entry to record the purchase us,

January 14 Supplies Account $700 Dr

Cash $700 Cr

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