Solution-Determine expenses to asset accounts at time of

Determine expenses to asset accounts at time of cash payment

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Question 1: On December 31, Winters Company received a $385 bill for the purchase of supplies in December that it will not pay for until January 15. Winters follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry needed on December 31 to accrue this cost is: p Debit Accounts Payable $385; credit Cash $385.

Debit Supplies Expense $385; credit Supplies $385.
Debit Accounts Payable $385; credit Supplies $385.
Debit Supplies $385; credit Accounts Payable $385.
Debit Supplies Expense $385; credit Cash $385.

Reference no: EM132463282

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Determine expenses to asset accounts at time of cash payment

Reference no: EM132463282

Reference no: EM132463282

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