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How is each amount entered in the accounts

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Reference no: EM131536860

Question: 1. Which accounts are affected? Supplies and Cash

2. How is each account classified? Supplies is an asset account. Cash is an asset account.

3. How is each classification changed? One asset (Supplies) increases and another asset (Cash) decreases.

4. How is each amount entered in the accounts? Assets increase on the debit side. Therefore, debit the asset account, Supplies. Assets decrease on the credit side. Therefore, credit the asset account, Cash.

Reference no: EM131536860

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