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

Question

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

Quizplus · Accepted Answer

The journal entry shows a purchase of supplies on credit, which means there is an increase in supplies (asset) and an increase in accounts payable (liability). Option B shows the correct posting of this transaction with an increase in the Supplies and Accounts Payable accounts.

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

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