Question

Which of the following entries records the acquisition of office supplies on account?

A. debit (increase) Office Supplies; credit (decrease) Cash
B. debit (increase) Cash; credit (decrease) Office Supplies
C. debit (increase) Office Supplies; credit (increase) Accounts Payable
D. debit (increase) Accounts Receivable; credit (decrease) Office Supplies

Answer 1

The correct entry to record the acquisition of office supplies on account is to debit Office Supplies and credit Accounts Payable. OPTION C IS ANSWER

Step-by-step explanation:

The correct entry to record the acquisition of office supplies on account is option C: debit (increase) Office Supplies; credit (increase) Accounts Payable.

When office supplies are acquired on account, it means that the office supplies are purchased on credit and the supplier's account is credited.

In this entry, the Office Supplies account is debited (increased) to reflect the increase in assets, and the Accounts Payable account is credited (increased) to show the increase in liabilities. OPTION C IS ANSWER