Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies? (Assume the purchase occurred in a prior period.) OA. OB. O C. O D. Accounts and Explanation Office Supplies Cash Accounts and Explanation Accounts Payable Accounts Receivable Accounts and Explanation Accounts Payable Cash Cash Accounts and Explanation Accounts Payable Debit 800 Debit 800 800 Credit 800 800 Credit Debit Credit 800 800 Debit Credit 800
Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies? (Assume the purchase occurred in a prior period.) OA. OB. O C. O D. Accounts and Explanation Office Supplies Cash Accounts and Explanation Accounts Payable Accounts Receivable Accounts and Explanation Accounts Payable Cash Cash Accounts and Explanation Accounts Payable Debit 800 Debit 800 800 Credit 800 800 Credit Debit Credit 800 800 Debit Credit 800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account
of those office supplies? (Assume the purchase occurred in a prior period.)
O A.
OB.
O C.
O D.
Accounts and Explanation
Office Supplies
Cash
Accounts and Explanation
Accounts Payable
Accounts Receivable
Accounts and Explanation
Accounts Payable
Cash
Cash
Accounts and Explanation
Accounts Payable
Debit
800
Debit
800
Debit
800
Debit
800
Credit
800
Credit
800
Credit
800
Credit
800
Expert Solution
Step 1
Accounts Payable:
It is the money owed by the company to vendors for goods or services bought on credit.It is a current liability and will be shown on the liability side of the balance sheet.Increase in accounts payable indicates sources of cash and decrease in accounts payable means use of cash.
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