Which of the Following Journal Entries Would Be Recorded If $\begin{array}{|l|r|r|}\hline \text { Accounts Payable } & 800 \\\hline \text { Office Supplies } &&800 \\\hline\end{array}$

question 193

Multiple Choice

Which of the following journal entries would be recorded if a business purchased $800 of office supplies on account?

• A) \(\begin{array}{|l|r|r|}
• \hline \text { Accounts Payable } & 800 \\
• \hline \text { Office Supplies } &&800 \\
• \hline
• \end{array}\)
• B) \(\begin{array}{|l|r|r|}
• \hline \text { Office Supplies } & 800 \\
• \hline \text { Accounts Payable } &&800 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|r|r|}
• \hline \text { Office Supplies } & 800 \\
• \hline \text { Cash } &&800 \\
• \hline
• \end{array}\)
• D) \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 800 \\
• \hline \text { Office Supplies } &&800 \\
• \hline
• \end{array}\)

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Definitions:

Expenditure

The amount of money spent by an individual, organization, or government on goods and services.

GDP

GDP, or Gross Domestic Product, measures a country's economic output in terms of the total value of all goods and services produced within its borders in a specific time period.

Microeconomics

The study of how households and firms make decisions and how they interact in markets.

Macroeconomics

The branch of economics that studies the behavior and performance of an economy as a whole, including topics such as growth, inflation, and unemployment.