A Business Purchased $200 of Supplies on Account and Recorded

question 67

Multiple Choice

A business purchased $200 of supplies on account and recorded the following journal entry: Which of the following sets of ledger accounts reflect the posting of this transaction?

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Definitions:

Journal Entry

A record of a business transaction in an accounting system that includes the accounts and amounts to be debited and credited.

Acquisition

The process of acquiring control of another company or business asset, which can involve a purchase, merger, or take-over.

Assets

Resources owned or controlled by a person or company, expected to produce economic value or future benefits.

Cash

Liquid assets held by a firm, used to meet short-term obligations or for transactions; the most basic form of company resources.