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31 January, 10:09

Which of the following journal entries would be recorded if a business purchased office supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle the account?

A. Accounts Payable 750 Cash 750

B. Accounts Payable 750 Office Supplies 750

C. Cash 750 Accounts Payable 750

D. Office Supplies 750 Cash 750

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Answers (1)
  1. 31 January, 10:35
    0
    The correct answer is A. Account payable 750 Cash 750.

    Explanation:

    This problem requires us to tell the accounting entry a business will make when making payment against offices supplies puchased on credit.

    When the business has bought it it would have made following entry

    Offices supplies debit 750

    to payable credit 750

    On settlement the business will make entry as mentioned in option A.
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Home » Business » Which of the following journal entries would be recorded if a business purchased office supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle the account? A.
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