10 The company purchases $2,500 of supplies on credit. 1. Identify Assets Liabilities 2. Analyze Equity Supplies Accounts Payable +2,500 = +2,500 es Dr. Cr. 3. Record 2,500 Supplies Accounts Payable 2,500 4. Post Supplies Accounts Payable Knowledge Check 01 On December 31, the company purchases supplies for $1,000 on credit. Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list Journal entry worksheet 1 > On December 31, the company purchases supplies for $1,000 on credit. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal