Example 3: Car repair shop had the following transactions during the first month of business. 8/7 Purchased supplies on account for $500

8/12 performed service for clients for which $1300 was collected in cash and $670 was billed to clients

Example 7: Supplies.

Pioneer Advertising purchased advertising supplies costing $25,000 on October 5. Prepare the journal entry to record the purchase of the supplies.

Supplies. A physical count at the close of business on October 31 reveals that $10,000 of the advertising supplies are still on hand.