Prepare journal entries to record the following transactions in the proprietary accounts of ABC Agency for 20X8.

Question:

Prepare journal entries to record the following transactions in the proprietary accounts of ABC Agency for 20X8.
1. Supplies costing $42,000 were used by ABC Agency.
2. ABC Agency incurred rental expense of $24,080 for which it had not previously been obligated.
3. ABC Agency requested a check in the amount of $24,080 from the Treasury to pay accounts payable.
4. The Treasury notified ABC Agency that a check in the amount of $24,080 was issued.