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ACCY 201 · OLE MISS
Example preview
What's on Exam 1?
Types of Accounts~15 min
A = L + E~21 min
Debits & Credits~14 min
Journal Entries~14 min
Adjusting Entries~14 min
Closing Entries~16 min
6 topics · cram videos + practice questions
Journal Entries

On March 1, Harper Co. buys $4,200 of supplies on account. Which entry records it?

Dr Supplies 4,200 · Cr Cash 4,200
Dr Supplies 4,200 · Cr Accounts Payable 4,200
Dr Accounts Payable 4,200 · Cr Supplies 4,200
Dr Supplies Expense 4,200 · Cr Accounts Payable 4,200

“On account” means it isn't paid yet — so the credit is Accounts Payable, not Cash. Supplies is an asset you now own, so it's debited.

Exam 1 is free for every member.Open the full student experience →

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Practice exams

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Going from a B to an A is mostly pattern recognition — learn to spot the type of problem and the simpler route to the answer shows up with it.

Common questions.

What students are saying

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ZPZach ParkerOle Miss
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Lee Ingram

Lee Ingram

  • Ole Miss alum — BAccy · MAccy
  • Tutor since 2015
  • 1,000+ students tutored
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