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On December 31, the company purchases supplies for $1,000 on credit.
Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the
debit and credit columns.

Answer :

  • The journal entry for recording the purchase of supplies on credit is given below:

Supplies Dr $1,000

    To Account payable $1,000

(Being purchase supplies on credit is recorded)

Here the supplies are debited as it increased the assets and credited the account payable as it also increased the liabilities.

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