Multiple Choice Question 72 Concord Industries purchased supplies for $930. They

Question

Multiple Choice Question 72 Concord Industries purchased supplies for $930. They paid $390 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 acount for $930, a credit to a liability account for $540. Which of the following would be the correct way to complete the recording of the transaction? Credit another liability account for $390 O Credit the Capital account for $390. Debit the Capital account for $390. O Credit an asset account for $390

Explanation / Answer

D.credit an asset account for $390.

cash account which is an asset is credited for $390.

the following will be the journal entry:

supplies a/c $930 ........To accounts payable a/c $540 .........To cash a/c . $390

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