Respuesta :

The entry to record the purchase will include: a debit to Supplies and a credit to Accounts Payable

What are supplies?

  • Supplies are the small items, used in the company's overall operation.
  • Supplies used during the period will be reported as supplies expense and the unused supplies will be reported in the balance sheet as an asset.

Now, given: Purchased supplies = $500 (on account).

To find: What does entry to record the purchase include?

Now,

  • The supply asset will grow, which will cause a debit to be applied to it.
  • It is believed to have been purchased on account, which increased (credited) the account for payments due.

Hence, the entry to record the purchase will include: a debit to Supplies and a credit to Accounts Payable.

To learn more about supplies, refer to the link: https://brainly.com/question/25843620

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