on-november-1st-a-company-purchases-500-worth-of-office-supplies-what-is-the-cor

Question

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

Accepted Answer

Debit Supplies $$500; Credit Cash 500$$

Answer

Debit Cash $$500; Credit Supplies 500$$

Answer

Debit Supplies $$500; Credit Accounts Payable 500$$

Answer

Debit Supplies Expense $$500; Credit Cash 500$$

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