Which of the following transactions will cause one asset to be debited and another to be credited when the periodic inventory system is in use?

Question

Quizplus · Accepted Answer

When purchasing office supplies for cash under the periodic inventory system, one asset (Office Supplies) is debited because the company is acquiring new assets, and another asset (Cash) is credited because the company is using cash to make the purchase. This transaction does not involve inventory or accounts payable/receivable adjustments directly, making it the correct choice for affecting two asset accounts.

Which of the Following Transactions Will Cause One Asset to Be