Prepare a journal entry for the purchase of office Supplies on March 9 for $1,77
ID: 340868 • Letter: P
Question
Prepare a journal entry for the purchase of office Supplies on March 9 for $1,775, paying $275 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Office Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned 42 Sales Commission EXPENSES 51 Advertising Expense 52 Automobile Expense 53 Insurance Expense 54 Rent Expense 55 Salary Expense 56 Supplies Expense 57 Utilities Expense 58 Miscellaneous Expense
Explanation / Answer
Journal entry :
Date accounts & explanation debit credit Mar 9 Office supplies 1775 Cash 275 Account payable 1500 (To record purchase office supplies)