lonneishas quilt shop purchased merchandise for cash from patch quilt distributors for $550. the journal…

lonneishas quilt shop purchased merchandise for cash from patch quilt distributors for $550. the journal entry for lonneishas quilt shop to record this transaction is: a. debit cash, $550; credit supplies $550. b. debit supplies, $550; credit cash, $550. c. debit cash, $550; credit purchases, $550. d. debit purchases, $550; credit cash, $550.

lonneishas quilt shop purchased merchandise for cash from patch quilt distributors for $550. the journal entry for lonneishas quilt shop to record this transaction is: a. debit cash, $550; credit supplies $550. b. debit supplies, $550; credit cash, $550. c. debit cash, $550; credit purchases, $550. d. debit purchases, $550; credit cash, $550.

Answer

Brief Explanations:

When a business purchases merchandise for cash, the asset account for the supplies (merchandise) increases (debit) and the cash account decreases (credit). The amount of the purchase is $550.

Answer:

B. debit Supplies, $550; credit Cash, $550.