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Wencaster Services purchased office supplies from a bulk supply store on credit on July 17. The company received a bill on July 31, and the bill is due and paid on August 31. Where in the accounting equation will this transaction be recorded on July 31 versus August 31? - The July 31 transaction will be recorded as an Expense, and the August 31 transaction will be recorded in Notes Payable (liability) -both transactions will be recorded in Inventory (asset) and Account Payable (liability) -The July 31 transaction will be recorded in Expenses, and the August 31 transaction will be recorded in Accounts Payable (liability) -the July 31 transaction will be recorded as Inventory (asset) and in Accounts Payable (liability), and the August 31 transaction will be recorded in Cash (asset) and in Accounts Payable (liability)
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