Purchased computer supplies on credit, $620.
举一反三
- Your company purchased art supplies for $1,400 cash and office supplies for $700 cash from Rocklin Supply Company. The accounting clerk recorded the transaction as: Dr. Art Supplies $1,400 Cr. Cash $2,100
- Your company purchased on credit art equipment from Greg’s Equipment Company for $3,900. The transaction will be recorded as:
- January 15. Wizsolution purchased $1,000 of supplies and $1,700 of office equipment on credit.The correct journal entry is: A: Dr. Supplies 1,000 Office equipment 1,700 Cr. Accounts payable 2,700 B: Dr. Supplies 1,000 Office equipment 1,700 Cr. Notes payable 2,700 C: Dr. Supplies 1,000 Office equipment 1,700 Cr. Cash 2,700
- Why do the largest and most successful companies prefer purchasing merchandise and supplies on credit to paying cash at the time of each purchase?
- If the credit to record the purchase of supplies on account is not posted, A: Liabilities will be understated. B: Expenses will be overstated. C: Assets will be understated. D: Stockholders’ equity will be understated.