Which of the following transactions will cause one asset to be debited and anoth

Question

Which of the following transactions will cause one asset to be debited and another to be credited when the periodic inventory system is used A purchased merchandise on account B purchased merchandise to cash C purchased office supplies for cash Purchased office supplies on account Which of the following transactions will cause one asset to be debited and another to be credited when the periodic inventory system is used A purchased merchandise on account B purchased merchandise to cash C purchased office supplies for cash Purchased office supplies on account A purchased merchandise on account B purchased merchandise to cash C purchased office supplies for cash Purchased office supplies on account

Explanation / Answer

Answer

Option c. Purchase office supplies for cash

Explanation

Journal entry

Office supplies (Asset) debit

Cash (Asset) Credit

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