Secure https://act.pearsoncmg.com/test-out/2 Record the following transactions a

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Secure https://act.pearsoncmg.com/test-out/2 Record the following transactions as journal entries. Purchased $8,000 of office supplies on account. Date Nov. 3 Accounts and Explanation Debit Credit Made a $7,000 payment on notes payable Date Accounts and Explanation Debit Credit Nov. 4 Bright, the owner, invested $6,000 in the business in exchange for capital. Date Accounts and Explanation Debit Credit Nov. 5 Paid $9,000 for a one year insurance policy Date Accounts and Explanation Debit Credit Nov.S

Explanation / Answer

Journal entry :

Date account and explanation debit credit Nov 3 Office supplies 8000     Account payable 8000 Nov 4 Notes payable 7000     Cash 7000 Nov 5 Cash 6000     Bright's capital 6000 Nov 5 Prepaid insurance 9000      Cash 9000

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