Thank you for visiting Marvin s Motorcycles paid 125 cash for supplies from Stewart s Supplies The journal entry for Marvin s Motorcycles to record this transaction is Debit. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
The correct journal entry for Marvin's Motorcycles to record the transaction is: debit Supplies, $125 and credit Cash, $125.
Explanation:
The correct journal entry for Marvin's Motorcycles to record the transaction is: debit Supplies, $125 and credit Cash, $125. This is because Marvin's Motorcycles paid cash for supplies, so the Cash account is decreased (credited) and the Supplies account is increased (debited) by the same amount of $125.
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