What would the journal entry be for the payment of an amount owing to a supplier? A. Dr Purchases; Cr Bank B. Dr Creditors control; Cr Purchases C. Dr Creditors control; Cr Bank D. Dr Purchases; Cr Creditors control

What would the journal entry be for the payment of an amount owing to a supplier? A. Dr Purchases; Cr Bank B. Dr Creditors control; Cr Purchases C. Dr Creditors control; Cr Bank D. Dr Purchases; Cr Creditors control

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 5GI: Explain how the accounting equation organizes financial information using T-accounts and debits and...

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Question

What would the journal entry be for the payment of an amount owing to a supplier?

A. Dr Purchases; Cr Bank
B. Dr Creditors control; Cr Purchases
C. Dr Creditors control; Cr Bank
D. Dr Purchases; Cr Creditors control

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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