1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
professor190 [17]
2 years ago
5

The company paid cash of $1,500 on its account with one of its suppliers from whom it regularly purchases inventory. The invento

ry purchase itself was recorded previously. Which ONE of the following would be included in the journal entry necessary to record this payment on account?
a DEBIT to Accounts Payable for $1,500
b CREDIT to Inventory for $1,500
c DEBIT to Inventory for $1,500
d DEBIT to Cash for $1,500
e CREDIT to Accounts Payable for $1,500
Business
1 answer:
Vladimir79 [104]2 years ago
7 0

Answer:

A) DEBIT to Accounts Payable for $1,500

Explanation:

The records that the company should make regarding the payment of the purchased merchandise is:

  • Debit record Accounts Payable account 1,500 (since Accounts Payable is a liability account, when it decreases it should be debited)
  • Credit record Cash account 1,500 (since Cash is an asset account, when it decreases it should be credited)

You might be interested in
When making any type of business you have to register it. I'm making an online store. When I register my website domain does tha
Elden [556K]

Answer:

The answer to this question is given below in the explanation section.

Explanation:

In this question, it is asked about two things. Registering and business and registering a website.

First, we explore registering a business, and then we will explore registering a website.

Registering a business:

In any economy or any country, if you are making any type of business and it is legally approved by that government, then it is your moral duty to register the business because government collect taxes from registered business and give benefit in return to those whose business is registered.

To register a business, it requires you to register your business with company registration institution. The business that has registration considered authentic and legally proved business and everyone can trust these businesses while dealing. Government gives incentives and benefits to registered business and solve their issues if they have any, for example, to do import and export, the government facilitate you in this regard.

Registering a business website:

Registering a business website is like to make your online existence that everyone globally approaches you. Registering a business and registering a website, both are different things. Registering a business website, or getting a domain for your site, does not count as registering it. The procedures for registering a business in any country is different than registering or getting a domain name for your website. for example, if I am in Pakistan, and I want to register my website, it might chances that I will register it on Microsoft cloud or google cloud. This registration does not contribute and give benefit to Pakistan in the collection of tax. And the government does not give me incentive as likes others who have registered their business with registration body.

3 0
2 years ago
The ___ style of advertising shows ordinary people clearly using a product in a normal setting
Paha777 [63]
The answer is: SLICE OF LIFE
8 0
3 years ago
Equipment costing $16000 is purchased by paying $4000 cash and signing a note payable for the remainder. The journal entry shoul
grigory [225]

Answer:

c. credit to notes payable

Explanation:

Based on the information given we were told that the Equipment which cost the amount of $16000 was purchased by paying the amount of $4000 as cash which means that if the company sign a NOTE PAYABLE for the remainder. The journal entry should include a: CREDIT TO NOTES PAYABLE

5 0
3 years ago
Arthur needs to copy the formula in cell C13 to cell D13. He needs cell D13 to have the same formula but referenced with a new l
KonstantinChe [14]
"D""A""A""C""C" Are the answer's.
7 0
3 years ago
Prior to the advent of the internet, which media grew faster than any other advertising medium in history?
Paladinen [302]

Answer:

Social media is the fastest growing trend in the history of the world. This sector

has grown faster than the Internet itself. Within the first ten years of being publicly

available, the Internet managed to gather roughly 1 billion users.

5 0
2 years ago
Other questions:
  • What is the name for the percentage of people who don't have jobs in a country or area?
    15·1 answer
  • When the Central Bank acts in a way that causes the money supply to increase while aggregate demand remains unchanged, it is
    15·1 answer
  • Protecting intellectual property rights is important to a free enterprise system because:
    7·1 answer
  • What does someone need to do before they can become certified, licensed, or registered?
    10·2 answers
  • Three different companies each purchased trucks on January 1, 2018, for $56,000. Each truck was expected to last four years or 2
    15·1 answer
  • Park Company reports interest expense of $340,000 and income before interest expense and income taxes of $6,120,000.(1) Compute
    8·1 answer
  • What was the result of developed countries extracting resources from their colonies?
    11·2 answers
  • Dawn Manufacturing’s records show a journal entry was made debiting Work in Process Inventory and crediting Raw Materials Invent
    7·1 answer
  • Suppose that you purchase a 182-day Treasury bill for $9,850 that is worth $10,000 when it matures. The security's annualized yi
    11·1 answer
  • On 1 January 2010 The Happy Haddock Angling Club had the following assets:
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!