Question

SUPPLIES - 15 POINTS On April 10, 2019 Much Too Tired, Inc purchased $5,000 worth of supplies on account What is the Journal Entry on 4/107 Update the T-Accounts account. September 18, 2019 Much Too Tired purchased another $3,000 worth of supplies on What is the Journal Entry on Update the accounts On November 15, 2019 Much Too Tired made a payment of $8,000 towards accounts payable for the previous supply purchases. What is the Journal Entry on 11/15 Update the T-Accounts Supplies were counted at year-end on 12/31/19. Supplies worth $2,000 remained What is the Journal Entry on 12/317 Update the T-Accounts

Answer 1

date	particulars	debit	credit
Apr-10	supplies A/c	5000
	to accounts payable A/c		5000
Sep-18	supplies A/c	3000
	to accounts payable A/c		3000
Nov-18	accounts payable A/c	8000
	to cash A/c		8000
Dec-31	supplies expense A/c dr	6000
	to supplies A/c		6000

supplies
to accounts payable   5000	by supplies expense A/c 6000
to accounts payable   3000	by balance c/d                      2000
8000	8000
Cash A/c
by balance b/d    8000	to accounts payable   8000
8000	8000
Accounts Payable A/c
to cash A/c                  8000	by supplies A/c                   5000
	by supplies A/c                   3000
8000	8000
supplies expense A/c
to supplies A/c           6000	by income statement       6000
6000	6000