A company paid $3,000 for supplies that were purchased earlier in the month on account.How does this transaction affect the accounting equation?
A) Add $3,000 to Supplies and add $3,000 to Supplies Expense.
B) Add $3,000 to Supplies Expense and subtract $3,000 from Cash.
C) Add $3,000 to Supplies Expense and add $3,000 to Cash.
D) Subtract $3,000 from Accounts Payable and subtract $3,000 from Cash.
Correct Answer:
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