Lily Advertising Ltd.'s opening trial balance on January 1 shows Supplies $1,620. On January 11, the company purchased additional supplies for $1,750 on account. On January 31, there are $1,140 of supplies on hand. (a) Prepare the journal entry to record the purchase of supplies on January 11. (List all debit entries before credit entries. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 11

Lily Advertising Ltd.'s opening trial balance on January 1 shows Supplies $1,620. On January 11, the company purchased additional supplies for $1,750 on account. On January 31, there are $1,140 of supplies on hand. (a) Prepare the journal entry to record the purchase of supplies on January 11. (List all debit entries before credit entries. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 11

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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