Credit Account Payable (current liability)

Credit Account Payable (current liability).

Question

	DB	CR
a. Debit Cleaning and Office Supplies Expense (income statement)	114
Credit Account Payable (current liability)		114
to record amounts owing at year-end for cleaning and office supplies

Debit Cleaning and Office Supplies Inventory (current asset)	382
Credit Cleaning and Office Supplies Expense (income statement)		382
to reclassify cleaning and office supplies on hand at year-end

b. Debit Account Receivable (current asset)	11621
Credit Owner Equity		11621
to record amounts still owing from customers at the end of the year

c. Debit Inventory (current asset)	6210
Credit Raw Goods (expense)		6210
to record raw goods that are still on hand at the end of the year