Which of the following journal entries would be recorded if a business purchased supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle the account? OA. Supplies 750 Cash 750 B. Accounts Payable Cash 750 750 OC. Accounts Payable Supplies 750 750 OD. Cash 750 Accounts Payable 750
Which of the following journal entries would be recorded if a business purchased supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle the account? OA. Supplies 750 Cash 750 B. Accounts Payable Cash 750 750 OC. Accounts Payable Supplies 750 750 OD. Cash 750 Accounts Payable 750
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Which of the following journal entries would be recorded if a business purchased supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle
the account?
OA. Supplies
750
Cash
750
B. Accounts Payable
Cash
750
750
OC. Accounts Payable
Supplies
750
750
OD. Cash
750
Accounts Payable
750
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