Question

On 1/29, General Electric bought supplies in the amount of $1,500. What account is debited and what account is credited in the required journal entry for General Electric on 1/29? (Select ALL that apply)

Answer 1

Answer: Debit Supplies

Credit Cash

Credit Accounts payable.

Explanation:

The journal entry is an act of making records of the transactions in an organization which shows the debit and credit balances of the company.

Based on the information given, since General Electric bought supplies in the amount of $1,500, the journal entry will be:

Debit Supply $1500

Credit Cash / Accounts Payable $1500