Click to watch the Tell Me More Learning Objective 3 video and then answer the q

Question

Click to watch the Tell Me More Learning Objective 3 video and then answer the questions below 1. On November 26, Civic Company purchased $1,200 of supplies on account. The journal entry to record this transaction will a. a debit to Supplies and a credit to Cash b. a debit to Supplies and a credit to Accounts Payable c a debit to Cash and a credit to Supplies d. a debit to Accounts Payable and a credit to Supplies 2. On November 21, Civic Company received $550 from customers in payment of their accounts. a. Cash b. Accounts Receivable c Accounts Payable d. None of these choices are correct. The journal entry to record this transaction willinclude a credit to 3. On May 21, the owner of Civic Store withdrew $1,000 cash for personal use. The journal entry to record this transaction would include a credit to a. Cash b. Personal c. Drawings d. None of these choices are correct 4. On December 15, Civic paid $1,900 to Sylvan Supply Company on the $1 account and a credit to _ account.

Explanation / Answer

1) option (b) is correct

a debit to supplies, and a credit to accounts payable

explanation : when you purchase supplies, supplies account increases and it is the current asset so debited to supplies account . On other hand liability to supplier has increased so credited to accounts payable.

2) option( b) is correct

credited to accounts receivables

Explanation :

when you receive the payment from customers cash is debited and payment is credited to accounts receivables.

3) option( a) is correct

Credit to cash

Explanation : when you withdrawal cash for personal use debit the drawings and credit the cash.

4) debit to accounts payable account ,and credit to cash account

Explanation : when you paid cash, cash goes out so credited to cash and accounts payable has down so debit the accounts payable.

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