Journalizing transactions and posting to T-accountsRoland Poster Optical Dispensary completed the following transactions during the latter part of March:RequirementsJournalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry.Open the following accounts (use T-account format): Cash (Beginning Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account. Mar. 15Purchased office28Paid $1,800 on account.supplies on accourt, $3,400.

Explanation: Transaction 1: Office supplies are asset and its value is increased. Hence, debit…

Answered: Mar. 15 Purchased office 28 Paid $1,800…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Journalizing transactions and posting to T-accounts

Roland Poster Optical Dispensary completed the following transactions during the latter part of March:

Requirements

Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry.
Open the following accounts (use T-account format): Cash (Beginning Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account.

Mar. 15
Purchased office
28
Paid $1,800 on account.
supplies on accourt, $3,400.

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