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Accounts Payable MCQs

$1,000 worth of supplies are purchased on account. What is the Journal Entry to be posted?

Dr A/P account and Cr Supplies account

Dr Purchase account and Cr A/P account

Dr Supplies account and Cr A/P account

Dr A/P account and Cr Purchase account

Answer

Correct Answer: Dr Supplies account and Cr A/P account

Explanation:

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