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lilies99
Oct 30, 2007, 10:55 AM
A company purchased $750.00 in supplies.

Journalize this transaction is if they paid cash.
Journalize this transaction as if they placed it on account.
On Jan.15 they pay the amount due. Journalize this event.

Thanks....
occupant16444
Oct 30, 2007, 11:46 AM
Cash payment

(Debit) Supplies Expense 750.00
(Credit) Cash 750.00

Charge payment

(Debit) Supplies Exp. 750.00
(Credit) Accounts Payable 750.00

Payment

Accounts Payable 750.00
Cash 750.00