Question

how would you journalize a transaction in which you bought supplies with a debit card?
debit cash and credit accounts payable
debit supplies and credit debit card
debit supplies and credit cash
debit accounts receivable and credit supplies
question 16
3 pts
choose the answer.
what type of account is a petty cash fund?
asset
liability
expense
revenue

Explanation:

• When buying supplies with a debit card, Supplies (an asset) increases (debited) and Cash (as using debit card means cash is paid out) decreases (credited).
• A petty - cash fund is an asset because it represents a small amount of cash on hand that the company controls and can use for small - value transactions.

Answer:

• For the first question: debit Supplies and credit Cash.
• For the second question: asset.