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The Following T-Accounts Reflect the Correct Posting of a Journal

Question 78

Multiple Choice

The following T-accounts reflect the correct posting of a journal entry on January 9, 2017 by Bailey Company: The following T-accounts reflect the correct posting of a journal entry on January 9, 2017 by Bailey Company: What transaction is represented by the posting? A) Bailey sold inventory to a customer for $10,000 on credit. B) Bailey bought supplies on credit from a supplier for $10,000 on credit. C) Bailey bought supplies from a supplier for $10,000 cash. D) Bailey paid a supplier $10,000 cash to pay down the amount owing on their account. E) Bailey received $10,000 from a customer in payment of his account. What transaction is represented by the posting?


A) Bailey sold inventory to a customer for $10,000 on credit.
B) Bailey bought supplies on credit from a supplier for $10,000 on credit.
C) Bailey bought supplies from a supplier for $10,000 cash.
D) Bailey paid a supplier $10,000 cash to pay down the amount owing on their account.
E) Bailey received $10,000 from a customer in payment of his account.

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