Homework Help!! on accounting...?

Question

To record the purchase of supplies with cash, an accountant would:

A.debit Cash and credit supplies

B.debit supplies and credit cash.

C.debit supplies and credit accounts payable.

D.debit accounts payable and credit supplies.

I think its A.

Answer 1

Just remember, debit and credit do not necessarily mean add and subtract like it does in a bank account when you are dealing with accounting.

It would be B

Debit supplies expense, credit cash.

Remember, debits (dr.) is always on the left, credits (cr.) on the right.

Answer 2

I suggest you examine C. Supply expense carries a debit balance and a liability carries a credit balance.

Answer 3

I have to say B as cash should be credited... not debited...

Answer 4

you would credit cash
(debit cash to increase - credit to decrease)

credit the supplies account

Answer 5

Edit: i always got confused with debit/credit this is probably why, check the site i sent.

in assets, Debit is to increase and Credit is to decrease, thus you want B

Answer 6

I won't give you the answer, but here's a hint: The question asks "What portion of that $16,000...." So the answer will not be more than $16K.

Answer 7

it's B