Sam\'s Lawn Care purchased $2,500 of supplies for the upcoming summer season. Sa

Question

Sam's Lawn Care purchased $2,500 of supplies for the upcoming summer season. Sam paid $500 cash and owes the remaining amount next month. What is the appropriate journal entry for this transaction? Answer Debit supplies $2,500; Credit cash $2,500 Debit supplies expense $2,500; Credit cash $2,500 Debit supplies $500; credit cash $500 Debit supplies $2,500; Credit cash $500; Credit accounts payable $2,000 Sam's Lawn Care purchased $2,500 of supplies for the upcoming summer season. Sam paid $500 cash and owes the remaining amount next month. What is the appropriate journal entry for this transaction? Debit supplies $2,500; Credit cash $2,500 Debit supplies expense $2,500; Credit cash $2,500 Debit supplies $500; credit cash $500 Debit supplies $2,500; Credit cash $500; Credit accounts payable $2,000 Debit supplies $2,500; Credit cash $2,500 Debit supplies expense $2,500; Credit cash $2,500 Debit supplies $500; credit cash $500 Debit supplies $2,500; Credit cash $500; Credit accounts payable $2,000

Explanation / Answer

Debit supplies $2,500; Credit cash $500; Credit accounts payable $2,000

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