What accounts are affected, and in which direction, by the following business activity? Use account names from the expanded accounting equation.  

 

Purchase supplies for $$200$ cash.

Question $25$ options:

$1)$

Decrease Supplies Expense

$2)$

Increase Cash

$3)$

Decrease Supplies

$4)$

Increase Accounts Payable

$5)$

Decrease Accounts Receivable

$6)$

Increase Accounts Receivable

$7)$

Increase Supplies

$8)$

Decrease Cash

$9)$

Decrease Accounts Payable

$10)$

Increase Supplies Expense

$11)$

No entry required

Answer rating: 100% (QA)

Lets break down the business activity and its effects on the accounting equation Purchase sup... View the full answer