Bookkeeping NC III Practice Questions - TESDA Bookkeeping NC III Competency Assessment Exam

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A sole proprietor purchases office supplies worth ₱15,000 on account. Which journal entry is correct to record this transaction?

Debit Office Supplies ₱15,000; Credit Cash ₱15,000 Debit Accounts Payable ₱15,000; Credit Office Supplies ₱15,000 Debit Office Supplies ₱15,000; Credit Accounts Payable ₱15,000 Debit Office Supplies Expense ₱15,000; Credit Cash ₱15,000

Correct Answer:

Debit Office Supplies ₱15,000; Credit Accounts Payable ₱15,000

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