Butter Company purchased $300 of supplies for cash.
Illustrate how to record the transaction into T-accounts by completing the following sentence.
The Supplies account would be (debited/credited) on the (left/right) side of the T-account and the Cash account would be (debited/credited) on the (left/right) side of the T-account.

Question

05-02-2020
Business

contestada

Butter Company purchased $300 of supplies for cash.
Illustrate how to record the transaction into T-accounts by completing the following sentence.
The Supplies account would be (debited/credited) on the (left/right) side of the T-account and the Cash account would be (debited/credited) on the (left/right) side of the T-account.

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Help! Which step is incorrect!

TomShelby TomShelby · Answer 1 · 2020-02-06T11:19:21+01:00

Answer:

The Supplies account would be debited on the left side of the T-account and the Cash account would be credited on the right side of the T-account.

Explanation:

Supplies

DEBIT CREDIT

(LEFT) (RIGHT)

300

We debit supplies as it represnet an asset , something the company owns. Thus it will increase from the debit

Cash

DEBIT CREDIT

(LEFT) (RIGHT)

300

We credit cash is it is assets which is being decreased. We use the cash to acquire the supplies. We no longer have those 300 dollars we use to purchase the supplies.