Kenneth Dolkart Optical Dispensary completed the following transactions during the latter part of March:

Mar. 15 Purchased office supplies on account, $ 3,400.

28 Paid $ 1,200 on account.

Requirements

1. Journalize the transactions of Kenneth Dolkart Optical Dispensary. Include an explanation with each journal entry.

2. Open the following accounts (use T-account format): Cash (Beginning Balance of $ 14,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts and compute the balance in each account.