Cash Payment tab Paid cash for supplies, $476. /30 rpets; terms 2/10 to lao: Qua

Question

Cash Payment tab Paid cash for supplies, $476. /30 rpets; terms 2/10 to lao: Quantity Sold AMS 20 tb. copy 5789.0 sold the n/30, 7% sales tax; s Description 27 9 Nozaki Pro Copier Paper AMS 20 Ib. Copy Recycled 20 lb. Paper Step 8: Enter the following Cash Payment and Rece Apr. 01 Received cash on a ash Receipt Transactions Invoice No. 726 for less 2% discount, $123.88 Receivet 726 for $6,194.23, principal cash for the maturity value of Note Receivable, $3,417 ce Nash on account from Tasler Corporation, cove a 3,350.0o, plus interest, $67.00. Cash Receipt No. 27 sh for insurance premium, $515.00. Check No. 8449 d cash for supplies, $476.00. Check No. 8450. cash on account from Florence Carpets, covering Sal o. 731 for $1,587.05, less 2% discount, $31.74.

Explanation / Answer

Journal entry for cash paid for supplies amounting to $476 is

Debit supplies A/C

Credit Cash A/C

Use supplies A/C for booking this expenditure .

Supplies expense A/C may be used for indirect expenses

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