Question

6. Roland Foster Optical Dispensary completed the following transactions during the latter part of March: Print Mar. 15 Purchased office supplies on account, $3,400 28 Paid $1,800 on account. Read the requirements Requirement 1. Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Mar. 15: Purchased office supplies on account, $3,400. Date Accounts and Explanation Debit Credit Mar. 15 (1) Mar. 28: Paid $1,800 on account. Date Accounts and Explanation Debit Credit Mar 28 (6) (B) Requirement 2. The following T-accounts have been opened for you: Cash (Beginning Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account. (Use a "Bal.' posting reference on the proper side of each account to show the ending balances of the accounts.) Accounts Payable Cash 21,000 Bal. (14) (12) (16) (15) Office Supplies

Answer 1

Date	Account titles and explanation	Debit	Credit
15-Mar	Office supplies	$3,400
	Account payable		$3,400
	(purchased office supplies on account)
28-Mar	Account payable	$1,800
	Cash		$1,800
	(paid cash on account)
		Cash						Account payable
	Bal.	$21,000	28-Mar	$1,500		28-Mar	$1,800	15-Mar	$3,400
			31-Mar	$19,500		31-Mar	$1,600
				Office supplies
		15-Mar	$3,400