Journal Entry for Asset Purchase Prepare a journal entry for the purchase of office supplies on September 30 for $12,050, paying $2,400 cash and the remainder or account. If an amount box does not require an entry, leave it blank. Sept. 30 Office Supplies 12,050 Cash 2,400 Accounts Payable V 9,650 X Feedback Check My Work First, identify what account is used and then what type of account is used. Every account is either an asset, liability, owner's equity, drawing, revenue, or expense account. Then determine whether the account increases or decreases. Each increase or decrease is recorded as a debit or credit following