Margate Inc.purchases supplies on credit for $800.How would Margate record this transaction?
A) Supplies increases by $800 and Accounts Payable increases by $800.
B) Cash decreases by $800 and Accounts Payable increases by $800.
C) Cash decreases by $800 and Supplies increases by $800.
D) Cash decreases by $800 and Accounts Payable decreases by $800.
E) Equipment increases by $800 and Accounts Payable increases by $800.
Correct Answer:
Verified
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