Font 3. Grayton Industries purchased supplies for $1.200. They paid $500 in cash and agreed to n 30 days. The journal entry to record this transaction would include a o an asset account for $1.200, a credit to a liability account for $700. Which of the following would be the correct way to complete the recording of the transaction? a. Credit another liability account for $700. b. Credit the Grayton, Capital account for $500. c. Debit the Grayton, Capital account for $700. d. Credit an asset account for $500. 4. On January 14, Franco Industries purchased supplies of $500 on account. The entry to record the purchase will include a. a debit to Supplies and a credit to Accounts Payable. b. a debit to Supplies Expense and a credit to Accounts Receivable c. a debit to Supplies and a credit to Cash d. a debit to Accounts Receivable and a credit to Supplies. 5. On June 1, 2008, Delbert Inc. reported a cash balance of $12,000. During June, Delbert made deposits of $3,000 and made disbursements totalling $16,000. What is the cash balance at the end of June? a. $1,000 debit balance b. $15,000 debit balance c. $1,000 credit balance d. $4,000 credit balance 6. At January 1. 2008, Burton Industries reported owners equity of $130,000. During 2008 Burton had a net income of $30,000 and owner drawings of $20,000. At December 31, 2008 the amount of owners eauitv is at 3 944 Ask me anything 3/4/2018