What Two Accounts Are Affected When A Business Pays Cash For Supplies Or Stock Or Inventory Purchases
The Effect Of Purchased Supplies For Cash / Bank On The Accounting Equation / Purchased Supplies For Cash And Accounting Equation When a business paid cash or by cheque / check for Supplies , Inventory purchases or Stock, then we debit supplies account as a current asset and credit cash or bank account as a current asset also. The journal entry to record is shown below: Stock a/c / Inventory a/c / Supplies a/c XXX Cash a/c / Bank a/c XXX ...