Question

On March 8, Black Candy Company bought supplies on account from the Arcade Fire Company for $550. Black Candy Company incorrectly debited Equipment for $500 and credited Accounts Payable for $500. The entries have been posted to the ledger. the correcting entry should be:
On March 8, Black Candy Company bought supplies on
a) Supplies.............................. 550
Equipment......................... 500
Accounts Payable............... 50
b) Supplies.............................. 550
Equipment.......................... 550
c) Supplies.............................. 550
Accounts Payable............... 550
d) Supplies.............................. 550
Accounts Payable............... 500
Equipment......................... 50

Answer 1

Answer:

A

Explanation:

Supplies..............................

550

Equipment.........................

500

Accounts Payable...............

50