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Find what are correct ledger entries to record transaction

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Reference no: EM132566329

Jones Co has the following transactions:

1) Payment of $300 to J Bloggs for a cash purchase of supplies

2) Returned supplies with a value of $120 to J Bloggs

Question 1: What are the correct ledger entries to record these transactions?

Option A Dr Cash $300

Cr Supplies $300

Option B Dr Supplies $420

Cr Cash $300

Cr Payable $120

Option C Dr Supplies $300

Cr Supplies return $120

Cr Cash $180

Option D Dr Supplies $300

Cr Cash $300

Dr Supplies return $120

Cr Cash $120

Reference no: EM132566329

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