A Business Purchased Office Supplies of $29,000 by Signing a Note

question 175

Multiple Choice

A business purchased office supplies of $29,000 by signing a note. The business would:

• A)debit Supplies for $29,000 and credit Accounts Payable for $29,000.
• B)debit Supplies for $29,000 and credit Notes Payable for $29,000.
• C)debit Notes Receivable for $29,000 and credit Supplies for $29,000.
• D)debit Notes Payable for $29,000 and credit Supplies Expense for $29,000.

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Definitions:

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