On July 5,Harris Company purchased supplies from the hardware store for $600 on account.On July 10,Harris receives a bill from the hardware store as a reminder about the account balance.On July 17,Harris pays the account in full.How does Harris record the transaction on July 17?

Question

Quizplus · Accepted Answer

On July 17, Harris pays off the account payable, so the entry should debit Accounts Payable to decrease it and credit Cash to reflect the cash outflow.

On July 5,Harris Company Purchased Supplies from the Hardware Store