Alicia Tax Services paid $500 to settle an account payable. Which of the following general journal entries will Alicia Tax Services make to record this transaction?
A. Debit Office supplies, $500; credit Accounts payable, $500.
B. Debit Office supplies expense, $500; credit Cash, $500.
C. Debit Cash, $500; credit Office supplies, $500.
D. Debit Office supplies, $500; credit Cash, $500.
E. Debit Accounts payable, $500; credit Cash, $500.
Answer: E
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