Discuss detail about handling supplies later


Problem: Purchased $300 of office supplies for cash. Issued a cheque in payment. (For now, when office supplies are purchased, debit Office Supplies instead of an expense account - we will go more in detail about handling supplies later in the course). 2. Issued a cheque for $50 for an advertisement in the local newspaper. 3. Received a bill from Office Equippers for the purchase of a computer at a total cost of $1,100 on account. 4. Mr. James was hired by a client, Jenkins and Co. At the conclusion of the work, Mr. James charged Jenkins and Co. $900 and issued a bill for this service performed on account.

 

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Accounting Basics: Discuss detail about handling supplies later
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