Ask Question
10 April, 02:20

The following transactions occur for the Panther Detective Agency during the month of July:

a. Purchase a truck and sign a note payable, $14,100.

b. Purchase office supplies for cash, $510.

c. Pay $710 in rent for the current month.

+2
Answers (1)
  1. 10 April, 02:34
    0
    The question is incomplete find the complete question below;

    The following transactions occur for the Panther Detective Agency during the month of July. a ...

    Question:

    The following transactions occur for the Panther Detective Agency during the month of July.

    a. Purchase a truck and sign a note payable, $14,100.

    b. Purchase office supplies for cash, $510

    c. Pay $710 in rent for the current month.

    Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense.

    Purchase of truck

    DR Equipment $14,100

    CR Notes Payable $14,100

    Office supplies

    DR Office supllies $510

    CR Cash $510

    Rent

    DR Rent expense $710

    CR Cash $710

    Explanation:

    I have summarized the above transactions by a way of journal entries above, pay particular attention to the accounting headings used as stated in revised question.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase a truck and sign a note payable, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers