What would be the effect on accounts if the business purchased office supplies for cash?
A) An asset would be debited and an expense credited.
B) Capital would be debited and revenue credited.
C) An asset would be debited and revenue credited.
D) An asset would be debited and an asset credited.

Question

Quizplus · Accepted Answer

When a business purchases office supplies for cash, one asset (office supplies) increases, which is debited, and another asset (cash) decreases, which is credited. This is a simple exchange of one asset for another.

What Would Be the Effect on Accounts If the Business