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On november 21, civic company received $550 from customers in payment of their accounts. the journal entry to record this transaction would include a debit to supplies and a credit to accounts payable.
What is debit to supplies?
Credit-purchased goods from a supplier: The accounts payable account is credited and the supply expenditure account is debited. Cash-purchased inventory from a supplier: The cash account is credited and the inventory account is debited.
The materials must be expensed because they were used up during the period, necessitating the debit to the supplies cost account. Rather than being paid in cash, expenses are instead noted in diary entries.
Therefore,
On november 21, civic company received $550 from customers in payment of their accounts. the journal entry to record this transaction would include debit to supplies and a credit to accounts payable.
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