Taylor Industries purchased supplies for $1,000. They paid $500 in cash and agre

Question

Taylor Industries purchased supplies for $1,000. They paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $500. Which of the following would be the correct way to complete the recording of the transaction? Credit an asset account for $500. Debit the Taylor, Capital account for $500. Credit another liability account for $500. Credit the Taylor, Capital account for $500.

Explanation / Answer

a. Credit an asset account for $500. You credit the cash account (which is an asset account) by $500

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