7SE_1
Question
Journalizing transactions and posting to T-accounts
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
- Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry
Step-by-Step Solution
Verified Answer
Office supplies are the goods that are used in the workplace and required journal entries are passed is step 2
1Definition of office Supplies
Office supplies are defined as tangible goods which are used in the office for running the business.
2Journal Entries
| Journal entry |
|
|
Date | Particulars | Debit ($) | Credit ($) |
|
|
|
|
Mar 15 | Office Supplies | 3,400 |
|
| Accounts Payables |
| 3,400 |
| (Office Supplies are purchased on credit) |
|
|
|
|
|
|
Mar 28 | Accounts Payables | 1,800 |
|
| Cash |
| 1,800 |
| (Cash paid to accounts payable) |
|
|
|
|
|
|
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