On june 1st, green pea, inc. purchased $1,200 worth of suppl, Accounting Basics

Assignment Help:

On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. How does this transaction affect Green Pea's accounts?
a. Increase supplies and accounts payable by $1,200
b. Increase supplies and decrease cash by $1,200
c. Increase supplies and decrease accounts payable by $1,200
d. No effect since cash has not been paid


Related Discussions:- On june 1st, green pea, inc. purchased $1,200 worth of suppl

Briefly explain the term depreciation, Question: Part A: Briefly exp...

Question: Part A: Briefly explain the term "depreciation" and give three reasons why do we need to provide for depreciation on fixed assets during a financial year. Part

Could the choice of recording a capital asset impairment, Could the choice ...

Could the choice of recording a capital asset impairment or not, impact the financial statements significantly? Explain.

Provision for bad debts, A business had always made a provision for doubtfu...

A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa

Responsibility of leader and expert, Q. Responsibility of Leader and expert...

Q. Responsibility of Leader and expert? As a partner in the firm Tracy will have numerous broad responsibilities. She will engage in business development, high-level client ser

Describe retail inventory method, Q. Describe Retail inventory method? ...

Q. Describe Retail inventory method? Retail stores often use the retail inventory method to estimate ending inventory at times other than year-end. Taking a physical inventory

What is the end-of-period worksheet, What is the end-of-period worksheet ...

What is the end-of-period worksheet Show Trial Balance-debits MUST EQUAL credits Show Adjustments-debits MUST EQUAL credits Carry adjustments forward to Adjusted Trial Ba

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd