The journal entry to record the purchase of supplies on account
A. credits Supplies and debits Cash.
B. debits Supplies and credits Accounts Payable.
C. debits Supplies Expense and credits Supplies.
D. credits Supplies and debits Accounts Payable.
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If the credit to record the purchase of supplies on account is not posted,
A. Liabilities will be understated.
B. Expenses will be overstated.
C. Assets will be understated.
D. Stockholders’ equity will be understated.
The journal entry to record a payment on account will
A. debit Accounts Payable and credit Retained Earnings.
B. debit Cash and credit Expenses.
C. debit Expenses and credit Cash
D. debit Accounts Payable and credit Cash
If the credit to record the payment of an account payable is not posted
A. expenses will be understated
B. cash will be understated
C. liabilities will be understated
D. cash will be overstated
Which statement is false?
A trial balance lists all the accounts with their current balances.
B. A trial balance is the same as a balance sheet.
C. A trial balance can verify the equality of debits and credits.
D. A trial balance can be taken at any time.
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