On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. July 5 Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019. Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability for the year 2019. 1) Record the purchase of supplies. Date General Journal Debit Credit Jul 05, 2019
On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow. July 5 Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019. Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability for the year 2019. 1) Record the purchase of supplies. Date General Journal Debit Credit Jul 05, 2019
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On July 1, 2019, Tim Stein established his own accounting practice. Selected transactions for the first few days of July follow.
| July | 5 |
Purchased office supplies for $1,810 with Check 104. Assume $800 of supplies are on hand July 31, 2019. |
Record the transactions in the general journal. Assume that the firm initially records prepaid expenses as assets and unearned income as a liability for the year 2019.
1) Record the purchase of supplies.
|
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