How will I enter these solutions on Accounting Equation using Cash, Medical Supp
ID: 1093611 • Letter: H
Question
How will I enter these solutions on Accounting Equation using Cash, Medical Supplies, Land, Accounts Payable, Common Stock, Service Revenue and Rent Expense.
Aug 11 - The business purchased Medical Supplies for $400 on account.
answer: DR Medical Supplies $400
CR Accounts Payable $400
These are the ones I am having problem with:
Aug 15- The business offically opened for business
Aug 22- The business sold Supplies to another doctor for $100 cash, the cost of those supplies.
Aug 30- The business paid $150 on account related to the Aug 11 purchase.
Explanation / Answer
Aug 15- The business officially opened for business
No Journal entry is necessary
Aug 22- The business sold Supplies to another doctor for $100 cash, the cost of those supplies.
DR Cash $100
CR Medical Supplies $100
Aug 30- The business paid $150 on account related to the Aug 11 purchase.
DR Accounts Payable $150
CR Cash $150
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