Questions

Asked By :  Brett Whiteley
Answers1

Purchased furniture for 12500 from Fantastic Australia payable

Purchased furniture for $12500 from Fantastic Australia, payable in 30 days. The journal entry to record the transaction is:

a. debit, furniture $12500 and credit, cash $12500.

b. debit, furniture $12500 and credit, accounts payable $12500.

c. debit, furniture $12500 and credit, expenses $12500.

d. debit, cash $12500 and credit, furniture $12500.




Answers :

0

The correct journal entry to record the purchase of furniture on credit is:

b. debit, furniture 12500andcredit,accountspayable12500 and credit, accounts payable 12500.

This entry reflects the acquisition of an asset (furniture) and the corresponding liability (accounts payable) due within 30 days.


Your Answer



XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Write your answer, be as detailed as possible...

Reply as a guest

Required but never shown

Try Now AI powered Content Automation