Question

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

Answer 1

Answer:

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.