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The Purchase of Supplies on Account Was Recorded and Posted

Question 73

Multiple Choice

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a


A) credit to Accounts Receivable for $500
B) credit to Accounts Receivable for $1,000
C) credit to Accounts Payable for $500
D) credit to Accounts Payable for $1,000

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