Question

Sain Advertising Ltd's opening trial balance on January 1 shows Supplies $1.730. On January 11, the company purchased additional supplies for $2.790 on account. On January 31, there are $1,560 of supplies on hand. Part 1 Your answer is partially correct. Prepare the journal entry to record the purchase of supplies on January 11. (Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Date Account Titles and Explanation Debit Credit Jan. 11 Supplies Expense Accounts Payable OOO eTextbook and Media List of Accounts

Answer 1

On January 11, Supplies of $2,790 were purchased on account. It has the following impacts:

- Supplies increase by $2,790.

- Accounts payable increase by $2,790.

Hence, the following journal entry will be made on January 11:

Date	Account Titles and Explanations	Debit	Credit
Jan. 11	Supplies	$2,790
	Accounts payable		$2,790
	( To record purchase of supplies on account)

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