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.


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  • CreatedJune 12, 2015
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