Answered: he purchase of supplies on account…

Business

Accounting

he purchase of supplies on account is debited to supplies and credited to account receivable. Is this statement correct

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.19C

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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The purchase of supplies on account is debited to supplies and credited to account receivable. Is this statement correct

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