Select the Entry That Correctly Records the Purchase by Speedy

Multiple Choice

Select the entry that correctly records the purchase by Speedy Window Cleaning of 15 months worth of cleaning supplies from Southern Cleaning. The purchase is for cash and the invoiced amount is $1500. Ignore GST.

A) Debit cleaning supplies expense $1500; credit equity $1500
B) Debit bank $1500; credit cleaning supplies asset $1500
C) Debit cleaning supplies asset $1500; credit bank $1500
D) Debit bank $1500; credit cleaning supplies expense $1500