A business purchased $200 of supplies on account and recorded the following journal entry:
$$\begin{array} { | l | l | l | l | }
\hline \text { Supplies } & & 200 & \
\hline & \text { Accounts payable } & & 200 \
\hline
\end{array}$$ Which of the following sets of ledger accounts reflect the posting of this transaction?

Question

A business purchased $200 of supplies on account and recorded the following journal entry:
$$\begin{array} { | l | l | l | l | } 
\hline \text { Supplies } & & 200 & \
\hline & \text { Accounts payable } & & 200 \
\hline
\end{array}$$ Which of the following sets of ledger accounts reflect the posting of this transaction?

Quizplus · Accepted Answer

The correct posting reflects an increase in Supplies (an asset) on the debit side and an increase in Accounts Payable (a liability) on the credit side, which is accurately represented in option C.

A Business Purchased $200 of Supplies on Account and Recorded Supplies 200 Accounts payable 200\begin{array} { | l | l | l | l | } \hline \text { Supplies } & & 200 & \\\hline & \text { Accounts payable } & & 200 \\\hline\end{array} Supplies ​ Accounts payable ​200​200​​

A Business Purchased $200 of Supplies on Account and Recorded $\begin{array} { | l | l | l | l | } \hline \text { Supplies } & & 200 & \\\hline & \text { Accounts payable } & & 200 \\\hline\end{array}$