On November 1st, a company purchases \$500 worth of office supplies. What is the correct journal entry for this transaction?

• A. Debit Cash \$500; Credit Supplies \$500
• B. Debit Supplies \$500; Credit Accounts Payable \$500
• C. Debit Supplies \$500; Credit Cash \$500
• D. Debit Supplies Expense \$500; Credit Cash \$500

Answer: (C)