On October 10th, Nikle Company purchased supplies worth $2,750 on account. (a) W

Question

On October 10th, Nikle Company purchased supplies worth $2,750 on account.

(a) Write the journal entry in the space below.

Oct 10 -Select-Accounts ReceivableNikle, CapitalAccounts PayableSuppliesCashItem 1
-Select-Supplies ExpenseNikle, CapitalAccounts PayableSuppliesCashItem 3

(b) Nikle Company paid this bill on October 25th. Write the journal entry in the space below.

Oct 25 -Select-Accounts PayableSuppliesAccounts ReceivableSupplies ExpenseCashItem 5
-Select-Accounts ReceivableSupplies ExpenseAccounts PayableSuppliesCashItem 7

Explanation / Answer

(a)Oct 10 Supplies A/C Dr 2750 Accounts Payable Cr 2750 Debit what comes in, Credit what goes out (b) Oct 25 Accounts Payable Dr 2750 Cash Cr 2750

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