Purchase supply 5000$,what accounting record?
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Purchase supply 5000$,what accounting record?
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This transaction will result in recording a $5,000 accounts payable (and a purchase), and supply recording a $5,000 accounts receivable (and a sale).
The correct journal entry will be:
Debit Supplies for the amount
Credit Cash (for the amount paid), Accounts Payable (for the amount owed), or some combination of the two accounts to equal the amount of purchase
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