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 received $10,000 from a customer in payment of his account.
D)Bailey paid a supplier $10,000 cash to pay down the amount owing on their account.
E)Bailey bought supplies from a supplier for $10,000 cash.

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 received $10,000 from a customer in payment of his account. 
D)Bailey paid a supplier $10,000 cash to pay down the amount owing on their account. 
E)Bailey bought supplies from a supplier for $10,000 cash.

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 received $10,000 from a customer in payment of his account. 
D)Bailey paid a supplier $10,000 cash to pay down the amount owing on their account. 
E)Bailey bought supplies from a supplier for $10,000 cash.

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