Questions: Identify the correct account to debit for operating expenses: No. 6: Paid cash for operating expenses of 31,000. Debit: [Select] Credit: [Select]

The answer is the first one: Debit: Operating Expenses

Explanation:

1. Debit: Operating Expenses - When a company pays cash for operating expenses, it needs to record the expense in its accounting records. Operating expenses are costs associated with the day-to-day functioning of the business, such as rent, utilities, and salaries. These expenses are recorded as debits because they represent an outflow of resources that reduce the company's equity.

2. Credit: Cash - The payment of cash for operating expenses reduces the company's cash balance. In accounting, a reduction in an asset account (like cash) is recorded as a credit.

Therefore, the correct journal entry for paying cash for operating expenses of $31,000 would be:

• Debit: Operating Expenses $31,000
• Credit: Cash $31,000

This entry accurately reflects the decrease in cash and the recognition of the operating expenses incurred.