Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. justin inc purchased supplies for $1,200. they pai

Justin Inc purchased supplies for $1,200. They paid $700 in cash and agreed to pay...

80.2K

Verified Solution

Question

Accounting

image
Justin Inc purchased supplies for $1,200. They paid $700 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 $1,200, a credit to a liability account for $500. Which of the following would be the correct way to complete the recording of the transaction? O a Credit the asset account for $700. Credit another liability account for $500. 06 Oc Credit another liability account for $700. Od. Credit an asset account for $500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students