Roland Foster Optical Dispensary completed the following transactions during the latter part of March:
Mar. 15 Purchased office supplies on account, $3,400.
28 Paid $1,800 on account.
Requirements
1. Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry.
2. Open the following accounts (use T-account format): Cash (Beginning Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account.