Question

Journalizing transactions and posting to T-accounts

Roland Foster Optical Dispensary completed the following transactions during the latter part of March:

Mar. 15 Purchased office supplies on account, \(3,400.

28 Paid \)1,800 on account.

Requirements

1. Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry

Short answer

Office supplies are the goods that are used in the workplace and required journal entries are passed is step 2

Step-by-step solution

Definition of office Supplies

Office supplies are defined as tangible goods which are used in the office for running the business.

Journal Entries

	Journal entry
Date	Particulars	Debit ($)	Credit ($)
Mar 15	Office Supplies	3,400
	Accounts Payables		3,400
	(Office Supplies are purchased on credit)
Mar 28	Accounts Payables	1,800
	Cash		1,800
	(Cash paid to accounts payable)