Kenneth Watson Optical Dispensary completed the following transactions during the latter part of March: Mar. 15 Purchased
Question:
Kenneth Watson Optical Dispensary completed the following transactions during the latter part of March:
Mar. 15 Purchased office supplies on account, $2,600.
28 Paid $1,300 on account.
Requirements
1. Journalize the transactions of Kenneth Watson Optical Dispensary. Include an explanation with each journal entry.
2. Open the following accounts (use T-account format): Cash (Beginning Balance of $23,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted: