1. Which of the following is not an asset:
a. Accounts Payable
b. Furnishing and Equipment
2. Amy Co. acquired $500 worth of supplies on credit. Which of the following journal entries would be recorded?
a. Debit supplies, credit cash
b. Debit cash, credit supplies
c. Debit supplies, credit accounts payable
d. Debit accounts payable, credit supplies payable