Question

On November​ 1, Equipment had a beginning balance in the Office Supplies account of . During the​ month, purchased of office supplies. At November​ 30, Equipment had of office supplies on hand.

Required:
The Office Supplies​ T-account has been opened for you. Post the beginning balance and purchase of office supplies. ​

Answer 1

T-account entry:

Office Supplies

Dr Cr

Nov. 1 Balance b/d $1,700

Nov. Purchases $2,000