Prepare a journal entry for the purchase of office equipment on November 23 for $13,750, paying $5,000 cash and the remainder on account.
Answer to relevant QuestionsPrepare a journal entry for the purchase of office supplies on March 13 for $6,500, paying $1,300 cash and the remainder on account.State for each account whether it is likely to have (a) Debit entries only(b) Credit entries only(c) Both debit and credit entries. Also, indicate its normal balance.1. Notes Payable 2. Accounts Receivable 3. Wages Expense ...Journalize the entries to correct the errors. Omit explanations.The following errors took place in journalizing and posting transactions:a. The purchase of supplies of $2,690 on account was recorded as a debit to Office ...During the month, Harpoon Co. received $479,250 in cash and paid out $312,380 in cash.a. Do the data indicate that Harpoon Co. earned $166,870 during the month? Explain.b. If the balance of the cash account is $241,925 at ...Identify the errors in the following trial balance. All accounts have normalbalances.
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