Accounting Principles, jounral entry

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

There was no beginning balance of supplies and purchased $700 of office supplies during the period. At the end of the period $80 of supplies were on hand.

Oct 14th, 2015

Thank you for the opportunity to help you with your question!

Debit: Supplies 700

Credit: Cash 700

Debit: Administrative expense

Credit: Supplies 620

Please let me know if you need any clarification. I'm always happy to answer your questions.
Oct 14th, 2015

That should be Debit: Administrative expense 620 :)

Oct 14th, 2015

thanks

Oct 14th, 2015

I have one more question but I don't have anymore free questions to ask now....

Oct 14th, 2015

company purchased a truck from Vendor by issuing 6-month, 8% note payable for 37,500 on November 1. What is the adjusting entry on December 31? ( if you want to answer anyways, the question is this)

Oct 14th, 2015

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Oct 14th, 2015
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Oct 14th, 2015
Aug 22nd, 2017
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