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15 October, 22:59

A company pays $2,400 on account of supplies purchased last month. All supplies were used last month. Record the payment using (a) accrual-basis accounting and (b) cash-basis accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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  1. 15 October, 23:10
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    No journal entry required

    Explanation:

    accrual is more like interest on loans
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