Painter Supplies buys paint and supplies wholesale as needed for contracting jobs, but it also maintains a stock of paint and miscellaneous supplies. The accountant for Painter Supplies provided the following journal entries for events that occurred during July. The president cannot understand these entries and would like you to describe the events for her.

Transcribed Image Text:

A. Cash B. Supplies C. Cash $920 Accounts Receivable Cash Revenue $920 75 75 380 D. Inventory 425 Accounts Payable 425 875 765 300 425 425 600 E. Accounts Payable 875 Cash F. Accounts Receivable 765 300 425 425 Revenue G. Expense H. Note Payable Cash L Expense Inventory Accounts Receivable Revenue