Learning Objective 02-A1: Analyze and record transactions and their impact on financial statements. Transactions are recorded in a journal. Each entry in a journal is posted to the accounts in the ledger. This provides information that is used to produce financial statements. Balance column accounts are widely used and include columns for debits, credits, and the account balance. We analyze transactions using concepts of double-entry accounting. This analysis is performed by determining a transaction's effects on accounts. urchase Supplies on Credit 1. Identif 2. Analyze 1. Identify The company purchases $2,500 of supplies on credit. 2. Analyze 3. Record 4. Post 3. Record 4. Post On December 31, the company purchases supplies for $1,000 on credit. Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. Journal entry worksheet On December 31, the company purchates supplies for $1,000 on credit. Note: Inter debits before credits