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Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies? (Assume the purchase occurred in a prior period.) OA. OB. O C. O D. Accounts and Explanation Office Supplies Cash Accounts and Explanation Accounts Payable Accounts Receivable Accounts and Explanation Accounts Payable Cash Cash Accounts and Explanation Accounts Payable Debit 800 Debit 800 800 Credit 800 800 Credit Debit Credit 800 800 Debit Credit 800

Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies? (Assume the purchase occurred in a prior period.) OA. OB. O C. O D. Accounts and Explanation Office Supplies Cash Accounts and Explanation Accounts Payable Accounts Receivable Accounts and Explanation Accounts Payable Cash Cash Accounts and Explanation Accounts Payable Debit 800 Debit 800 800 Credit 800 800 Credit Debit Credit 800 800 Debit Credit 800

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11EB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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← Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies? (Assume the purchase occurred in a prior period.) O A. OB. O C. O D. Accounts and Explanation Office Supplies Cash Accounts and Explanation Accounts Payable Accounts Receivable Accounts and Explanation Accounts Payable Cash Cash Accounts and Explanation Accounts Payable Debit 800 Debit 800 Debit 800 Debit 800 Credit 800 Credit 800 Credit 800 Credit 800
Transcribed Image Text:← Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies? (Assume the purchase occurred in a prior period.) O A. OB. O C. O D. Accounts and Explanation Office Supplies Cash Accounts and Explanation Accounts Payable Accounts Receivable Accounts and Explanation Accounts Payable Cash Cash Accounts and Explanation Accounts Payable Debit 800 Debit 800 Debit 800 Debit 800 Credit 800 Credit 800 Credit 800 Credit 800
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Step 1

Accounts Payable:

It is the money owed by the company to vendors for goods or services bought on credit.It is a current liability and will be shown on the liability side of the balance sheet.Increase in accounts payable indicates sources of cash and decrease in accounts payable means use of cash.

 

 

 

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