Question: Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $500 within 30 days. (1) Name the

Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $500 within 30 days.

(1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount

(2) Explain how the Accounting Equation is impacted.

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