Which of the following entries records the acquisition of office supplies on account?
A) Office Supplies, debit; Cash, credit
B) Cash, debit; Office Supplies, credit
C) Office Supplies, debit; Accounts Payable, credit
D) Accounts Receivable, debit; Office Supplies, credit

Question

Quizplus · Accepted Answer

The entry that records the acquisition of office supplies on account would involve increasing the asset account Office Supplies and increasing the liability account Accounts Payable. Option C is the only one that increases Office Supplies and decreases Accounts Payable, so it correctly records the transaction. Options A and B involve a cash transaction, which is not applicable in this case. Option D involves recording an account receivable, which is the opposite of acquiring office supplies on account.

Which of the Following Entries Records the Acquisition of Office