A Business Buys $300 of Office Supplies on Account

question 211

Multiple Choice

A business buys $300 of office supplies on account.Which of the following accounts is debited?

• A) Cash
• B) Accounts Payable
• C) Office Supplies
• D) Accounts Receivable

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Definitions:

Partnership Tax Return

A partnership tax return is a document filed with the IRS that reports the income, deductions, and losses of a partnership, which are then passed through to the partners to report on their individual returns.