Journal entry for asset purchase

Journalize the entry for the purchase of office supplies on February $13$ for $$3,400,$ paying $$405$ cash and the remainder on account. If an amount box does not require an entry, leave it blank.

Feb. $13$

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Check My Work

First, identify what account is used and then what type of account is used. Every account is either an asset, liability, stockholders' equity, dividends, revenue, or expense account. Then determine whether the account increases or decreases. Each increase or decrease is recorded as a debit or credit following the rules of debit and credit $($see Exhibit $3).$ Remember total debits should equal total credits in your entry.