On January 14, Maxine Industries purchased supplies of $900 on account. To record the purchase Maxine will

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When Maxine Industries purchased supplies on account, it means that they agreed to pay for it later. Therefore, the purchase would be recorded by debiting Supplies (an asset account) and crediting Accounts Payable (a liability account) to reflect that Maxine now owes money to the supplier. Option B is incorrect because Supplies Expense is used to record the cost of supplies that were used up or consumed during the accounting period, while Accounts Receivable is used to track amounts that customers owe to the business. Option C is incorrect because there was no cash involved in the transaction, and option D is incorrect because Accounts Receivable is not affected by this purchase.

On January 14, Maxine Industries Purchased Supplies of $900 on Account