A Business Purchases Supplies on Account

question 37

Multiple Choice

A business purchases supplies on account. The journal entry to record this transaction is:

• A) Debit to Cash; Credit Supplies
• B) Debit to Supplies; Credit Accounts Receivable
• C) Debit Supplies; Credit Accounts Payable
• D) Debit Supplies; Credit to Cash

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Definitions:

Contingency Strategy

A plan prepared to address specific unforeseen events or situations that may impact the organization.

Marketing Strategy

A plan of action designed to promote and sell a product or service.

Tactical Strategy

Short-term focused actions and plans developed to achieve specific parts of a larger strategic goal.

Strategy Formulation

The process of creating strategies to achieve organizational goals, typically involving analysis, planning, and decision-making.