The Bookkeeper Recorded Purchasing $50 of Office Supplies by Erroneously $$\begin{array} { | c | r | r | } \hline \text { Office supplies } & 50 & \\\hline \text { Accounts payable } & & 50 \\\hline\end{array}$$

question 25

Multiple Choice

The bookkeeper recorded purchasing $50 of office supplies by erroneously crediting cash instead of accounts payable. Which of the following journal entries will correct the ledger accounts?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Office supplies } & 50 & \\
• \hline \text { Accounts payable } & & 50 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Cash } & 50 & \\
• \hline \text { Account payable } & & 50 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts payable } & 50 & \\
• \hline \text { Cash } & & 50 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts payable } & 50 & \\
• \hline \text { Office supplies } & & 50 \\
• \hline
• \end{array}\]

---

Definitions:

Registration Statement

A document submitted to a regulatory authority, detailing the securities being offered for sale to the public, including financial and management information.

Securities and Exchange Commission

A U.S. federal agency that oversees and enforces federal securities laws to protect investors and maintain fair, orderly, and efficient markets.

Insider Trading

Buying or selling a publicly-traded company's stock by someone who has non-public, material information about that stock.

Securities Exchange Act of 1934

A U.S. federal law that regulates the secondary trading of securities (stocks, bonds, and debentures) in the stock market.