Paid the owner $45 for office supplies purchased with the owner's own funds. The office supplies are already accounted for in the March 31st Trial Balance. What would be the correct General Ledger Entry?

Paid the owner $45 for office supplies purchased with the owner's own funds. The office supplies are already accounted for in the March 31st Trial Balance. What would be the correct General Ledger Entry?

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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Step 2 1) Journal entry when the office supplies Paid by the owner

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Step 3 2) Journal entry when payment to the owner for office supplies

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Step 4 3) Correct Journal entry

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Accounting for Cash and cash equivalents

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