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2 May, 00:18

Smith Company purchased $100 of supplies for her business and paid immediately. She would record this transaction in the accounting equation by which of the following?

Decrease cash; increase supplies.

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Answers (1)
  1. 2 May, 00:42
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    Decrease cash; increase supplies.

    Explanation:

    The accounting equation is shown below:

    Total assets = Total liabilities + Shareholder's equity

    In the given transaction, the office supplies were purchased for $100 and it is paid immediately which means the balance of supplies is increased and the cash balance is decreased.

    It gives a positive impact on the office supplies account and a negative impact on the cash balance under the current assets.
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Home » Business » Smith Company purchased $100 of supplies for her business and paid immediately. She would record this transaction in the accounting equation by which of the following? Decrease cash; increase supplies.
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