A company purchases supplies on account for $2,100. Indicate the amount of increases and decreases in...
A company purchases supplies on account for $2,100. Indicate the amount of increases and decreases in the accounting equation.
Assets ____ = liabilities _____ + stockholders equity _____
Homework Answers
Solution
In the given scenario, a company purchases supplies on account for $2100. The entry should be,
Supplies A/c ........................ Dr. $2100
To, Accounts Payable A/c $2100
Supplies is a part of Assets under "Inventories". Again,
Accounts Payable is a part of Liabilities. Therefore the equation
would be,
Assets = Liabilities + Stockholders' Equity
Or, 2100 = 2100 +
0
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