Answered

Westonci.ca offers quick and accurate answers to your questions. Join our community and get the insights you need today. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

On 1/29, General Electric bought supplies in the amount of $1,500. What account is debited and what account is credited in the required journal entry for General Electric on 1/29? (Select ALL that apply)

Sagot :

Answer: Debit Supplies

Credit Cash

Credit Accounts payable.

Explanation:

The journal entry is an act of making records of the transactions in an organization which shows the debit and credit balances of the company.

Based on the information given, since General Electric bought supplies in the amount of $1,500, the journal entry will be:

Debit Supply $1500

Credit Cash / Accounts Payable $1500

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.