Respuesta :
The proper journal entry to purchase a computer costing $975 on account to be utilized within the business would be option (d) i.e, Dr. Office Equipment 975 Cr. Accounts Payable 975.
A journal entry is an act of recording any transaction, whether one is economic or not. An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
Purchase of machinery by a nation, where the cash account will be credited and the machinery account debited, is an example of a journal entry.
To maintain the balance of the accounting equation (Assets = Liabilities + Shareholders' Equity), the debits and credits in each journal entry must be equal.
All other financial reports are built on journal entries. They offer crucial data that auditors use to assess how financial transactions affect a corporation. The general ledger is then updated with the journalized entries.
The complete question is:
The proper journal entry to purchase a computer costing $975 on account to be utilized within the business would be
a) Dr. Office Equipment 975 Cr. Accounts Receivable 975
b) Dr. Office Supplies 975 Cr. Accounts Payable 975
c) Dr. Office Supplies 975 Cr. Accounts Receivable 975
d) Dr. Office Equipment 975 Cr. Accounts Payable 975
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