Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 12, a business purchased $760 of equipment

On July 12, a business purchased $760 of equipment on account. The transaction was recorded...

80.2K

Verified Solution

Question

Accounting

On July 12, a business purchased $760 of equipment on account. The transaction was recorded as a debit to supplies for $670 and a credit to accounts payable for $670. Record dollar amounts without dollar sign ($) or comma, e.g. 15000.

The correcting entry would debit______[a. cash b. accounts payable c. supplies expense d. equipment e. supplies] for $______,credit Supplies for $______and credit ______[a. cash b. accounts payable c. supplies expense d. equipment e. supplies] for $______.

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