The following transactions occurred during December, the first month of operationsfor Harris Company. Prepare journal entries to record each transaction.1) Purchased $500 of inventory on account.2) Purchased $300 of inventory on account.3) Paid suppliers $600.4) Purchased $400 of inventory on account.5) Paid suppliers $300.DebitCreditInventoryAccounts payable1) To record purchase of inventory on account.CashInventory2) To record purchase of inventory on account.CashInventory0 x3) To record payment to suppliers.CashInventory4) To record purchase of inventory on account.CashInventory0 x5) To record payment to suppliers.Post the transactions (in order) to the accounts payable T-account. (Enter your answers in the first available field under the appropriate debit or credit column.)Accounts PayableBalance0 x

Journal entry means the entry in prime book with chronological order. Journal entry should have…

The following transactions occurred during December, the first month of operations for Harris Company. Prepare journal entries to record each transaction. 1) Purchased $500 of inventory on account. 2) Purchased $300 of inventory on account. 3) Paid suppliers $600. 4) Purchased $400 of inventory on account. 5) Paid suppliers $300. Debit Credit Inventory 0 x Accounts payable 1) To record purchase of inventory on account. Cash 0 x Inventory 2) To record purchase of inventory on account. Cash 0 x Inventory 3) To record payment to suppliers. Cash 0 x Inventory 4) To record purchase of inventory on account. Cash Inventory 5) To record payment to suppliers. Post the transactions (in order) to the accounts payable T-account. (Enter your answers in the first available field under the ap Accounts Payable 0 x 0 x Balance 0 x

The following transactions occurred during December, the first month of operations for Harris Company. Prepare journal entries to record each transaction. 1) Purchased $500 of inventory on account. 2) Purchased $300 of inventory on account. 3) Paid suppliers $600. 4) Purchased $400 of inventory on account. 5) Paid suppliers $300. Debit Credit Inventory 0 x Accounts payable 1) To record purchase of inventory on account. Cash 0 x Inventory 2) To record purchase of inventory on account. Cash 0 x Inventory 3) To record payment to suppliers. Cash 0 x Inventory 4) To record purchase of inventory on account. Cash Inventory 5) To record payment to suppliers. Post the transactions (in order) to the accounts payable T-account. (Enter your answers in the first available field under the ap Accounts Payable 0 x 0 x Balance 0 x

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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