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

b Debit to Supplies and credit to Account Payable

Because Supplies is purchased on credit a liabilities is created (Account Payable)

2

b Account Receivable

Cash account is Debited and Account receivable is credited

3

a Cash

Cash account is credired and Drawings accounts is debited

4

debit to account payable and credit to cash account

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