Office supplies were purchased on account for $4,000. Which account is?debitedAccount payable OAccount receivableOffice supplies OCapital O

Generally in case of purchase the asset or expenses account is debited.

Answered: Office supplies were purchased on…

Business

Accounting

Office supplies were purchased on account for $4,000. Which account is ?debited

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter8: Receivables

Section: Chapter Questions

Problem 21E: Entries for notes receivable The series of five transactions, (a) through (e), recorded in the...

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Office supplies were purchased on account for $4,000. Which account is
?debited
Account payable O
Account receivable
Office supplies O
Capital O

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