knowledge check 01 a company prepares the following journal entry. in posting this transaction to t…

knowledge check 01 a company prepares the following journal entry. in posting this transaction to t - accounts, which of the following will be required? date account title debit credit july 1 supplies 2,000 cash 2,000 (purchase supplies with cash) multiple choice post $2,000 on the left side of the cash t - account post $2,000 on the left side of the supplies t - account post $2,000 on the right side of the supplies t - account none of these.

knowledge check 01 a company prepares the following journal entry. in posting this transaction to t - accounts, which of the following will be required? date account title debit credit july 1 supplies 2,000 cash 2,000 (purchase supplies with cash) multiple choice post $2,000 on the left side of the cash t - account post $2,000 on the left side of the supplies t - account post $2,000 on the right side of the supplies t - account none of these.

Answer

Explanation:

Step1: Understand debit - credit in T - accounts

Debits are on the left side and credits are on the right side of a T - account.

Step2: Analyze the journal entry

The journal entry debits Supplies for $2,000 and credits Cash for $2,000. For the Supplies T - account, a debit of $2,000 means posting $2,000 on the left side. For the Cash T - account, a credit of $2,000 means posting $2,000 on the right side.

Answer:

Post $2,000 on the left side of the Supplies T - account