Bramble Industries purchased supplies for $1120. They paid $360 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1120, a credit to a liability account for $760. Which of the following would be the correct way to complete the recording of the transaction? O Credit another liability account for $360. O Credit an asset account for $360. O Debit the retained earnings account for $360. O Credit the retained earnings account for $360. Save for Later W E S D $ T 6 F G B 7 N 8 Attempts: 0 of 1 used EB 9 20 K Submit Answer P
Bramble Industries purchased supplies for $1120. They paid $360 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1120, a credit to a liability account for $760. Which of the following would be the correct way to complete the recording of the transaction? O Credit another liability account for $360. O Credit an asset account for $360. O Debit the retained earnings account for $360. O Credit the retained earnings account for $360. Save for Later W E S D $ T 6 F G B 7 N 8 Attempts: 0 of 1 used EB 9 20 K Submit Answer P
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bramble Industries purchased supplies for $1120. They paid $360 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1120, a credit to a liability account for $760. Which of the following would be the correct way to complete the recording of the transaction? O Credit another liability account for $360. O Credit an asset account for $360. O Debit the retained earnings account for $360. O Credit the retained earnings account for $360. Save for Later W E S D $ T 6 F G B 7 N 8 Attempts: 0 of 1 used EB 9 20 K Submit Answer P
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