Homework SourseWhich of the following transactions will cause one asset to
Which of the following transactions will cause one asset to be debited and another to be credited when the periodic inventory system is used
A purchased merchandise on account
B purchased merchandise to cash
C purchased office supplies for cash
Purchased office supplies on account
Which of the following transactions will cause one asset to be debited and another to be credited when the periodic inventory system is used
A purchased merchandise on account
B purchased merchandise to cash
C purchased office supplies for cash
Purchased office supplies on account
A purchased merchandise on account
B purchased merchandise to cash
C purchased office supplies for cash
Purchased office supplies on account
Solution
Answer
Option c. Purchase office supplies for cash
Explanation
Journal entry
Office supplies (Asset) debit
Cash (Asset) Credit
