• Question: 10/25/YR1 -- YSR Inc. acquires supplies to be used by its employees. The supplies cost $2,000. Although YSR Inc. has received the supplies, it will not pay for the supplies until November, which is the following month. The journal entry for this transaction will include the following:A debit to Supplies of $2,000.A credit to Supplies of $2,000.No journal

  $10/25/$YR$1--$ YSR Inc. acquires supplies to be used by its employees. The supplies cost $$2,000.$ Although YSR Inc. has received the supplies, it will not pay for the supplies until November, which is the following month. The journal entry for this transaction will include the following:A debit to Supplies of $$2,000.$A credit to Supplies of $$2,000.$No journal entry is required.A debit to Account Payable $--$ Supplies of $$2,000.$

Answer rating: 100% (QA)

The correct journal entry for the transaction described would b... View the full answer