Madrid Industries purchased supplies for 1,200 USD. they paid 500 USD in cash and agreed...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Madrid Industries purchased supplies for 1,200 USD. they paid 500 USD 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 USD, a credit to a liability account for 700 USD. Which of the following would be the correct wa to complete the recording of the transaction? Show calculations.
a) Credit an asset account for 500 USD
b) Credit another liability account for 500 USD
c) Credit the Capital account for 500 USD
d) Debit the Capital account for 500 USD
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.