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19 February, 09:44

On July 5, Harris Company purchased supplies from the hardware store for $600 on account. On July 10, Harris receives a bill from the hardware store as a reminder about the account balance. On July 17, Harris pays the account in full. How does Harris record the transaction on July 17?

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  1. 19 February, 10:08
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    Debit Accounts Payable 600, Credit Cash 600

    Explanation:

    as goods are purchased on credit initially it will be recorded on parable.

    And when it will be paid the general entry will be:-

    Account payable debit = 600

    cash credit = 600

    Harris record the transaction on July 17

    Debit Accounts Payable 600,

    Credit Cash 600
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