Xia Company purchased supplies for $42,000 on credit on January 1, 2019. On January 15,...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Xia Company purchased supplies for $42,000 on credit on January 1, 2019. On January 15, the company made a cash payment of $12,000 to the supplier, and signed a one-year note for the remaining amount to settle the account. Xia Companys journal entry on January 15 will include:
Select one:
A. Debit Notes Payable for $30,000 B. Debit Cash for $30,000 C. Credit Accounts Payable for $30,000 D. Credit Notes Payable for $30,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
