Answered: Cash Office Supplies a. 2,500 2,500 b.…

Cash Office Supplies a. 2,500 2,500 b. Office Supplies Accounts Payable 2,500 2,500 Office Supplies Accounts Receivable C. 2,500 2,500 Office Supplies Accounts Payable "P 2,500 2,500

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.16C

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Posting a $2,500 purchase of office supplies on account appears as follows:

Cash
Office Supplies
a.
2,500
2,500
b.
Office Supplies
Accounts Payable
2,500
2,500
Office Supplies
Accounts Receivable
C.
2,500
2,500
Office Supplies
Accounts Payable
"P
2,500
2,500

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Accounting for Cash and cash equivalents

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