Question

Specter Consulting purchased $8,900 of supplies and paid cash immediately. What general journal entries will Specter Consulting make to record this transaction? Assume the companyâs policy is to initially record prepaid and unearned items in balance sheet accounts?

Answer 1

Answer:

Debit Supplies $8,900; Credit Cash $8,900

Explanation:

Based on the information given the general journal entries that Specter Consulting will make to record this transaction assuming the companyâs policy is to initially record prepaid and unearned items in balance sheet accounts will be :

Debit Supplies $8,900

Credit Cash $8,900