The following T-accounts reflect the correct posting of a journal entry on January 9, 2017 by Bailey Company: What transaction is represented by the posting?
A) Bailey sold inventory to a customer for $10,000 on credit.
B) Bailey bought supplies on credit from a supplier for $10,000 on credit.
C) Bailey bought supplies from a supplier for $10,000 cash.
D) Bailey paid a supplier $10,000 cash to pay down the amount owing on their account.
E) Bailey received $10,000 from a customer in payment of his account.

Question

The following T-accounts reflect the correct posting of a journal entry on January 9, 2017 by Bailey Company:  What transaction is represented by the posting?
A) Bailey sold inventory to a customer for $10,000 on credit. 
B) Bailey bought supplies on credit from a supplier for $10,000 on credit. 
C) Bailey bought supplies from a supplier for $10,000 cash. 
D) Bailey paid a supplier $10,000 cash to pay down the amount owing on their account. 
E) Bailey received $10,000 from a customer in payment of his account.

Quizplus · Accepted Answer

The Answer of The following T-accounts reflect the correct posting of a journal entry on January 9, 2017 by Bailey Company:  What transaction is represented by the posting?
A) Bailey sold inventory to a customer for $10,000 on credit. 
B) Bailey bought supplies on credit from a supplier for $10,000 on credit. 
C) Bailey bought supplies from a supplier for $10,000 cash. 
D) Bailey paid a supplier $10,000 cash to pay down the amount owing on their account. 
E) Bailey received $10,000 from a customer in payment of his account.

The Following T-Accounts Reflect the Correct Posting of a Journal