When a company journalizes the purchase of supplies on account, what account is credited? O Accounts Receivable O Supplies Expense O Accounts Payable O Supplies Which of the following options does not have a normal credit balance? O Payables O Assets 0 Liabilities hing O Revenues Consider the following transaction: Purchase $5,000 of inventory with a note payable What is the appropriate journal entry for this transaction? O Debit Inventory $5,000 and Credit Notes Payable $5,000 O Debit Notes Payable $5,000 and Credit Inventory $5,000 O Debit Inventory $5,000 and Credit Cash $5,000 log Debit Cash $5,000 and Credit Inventory $5,000 The T-account for Cash has the following transactions Debit for cash sales of $70,000, credit for the purchase of equipment for $10,000, and credit for payment of rent for $2,000. Given this information, what is the ending balance in the Cash T-Account? O $78,000 $92,000 $12,000 $58,000 Account Debt Credit Cash $40,000 $20,000 Inventory Accounts Payable Notes Payable $30,000 Total $60,000 $60,000 What is the missing amount? / O $20,000 debit O $40,000 credit O $30,000 credit O $120,000 debit On September 1, Gracie Co. sold $22,000 in common stock in exchange for cash How does this transaction affect the company's accounts? O Assets decrease and equity decreases O Assets increase and equity decreases O Assets decrease and equity increases O Assets increase and equity increases h Assets increase and liabilities increase