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JOURNAL

ACCOUNTING EQUATION

Prepare a journal entry for the purchase of office supplies on November 2 for $1,600, paying $500 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of account titles.

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Chart of Accounts

CHART OF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Office Supplies
14	Prepaid Insurance
15	Land
16	Office Equipment
17	Automobiles

	LIABILITIES
21	Accounts Payable
22	Unearned Rent
23	Notes Payable
24	Salaries Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned
42	Sales Commission

	EXPENSES
51	Advertising Expense
52	Automobile Expense
53	Insurance Expense
54	Rent Expense
55	Salary Expense
56	Supplies Expense
57	Utilities Expense
58	Miscellaneous Expense

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Journal

Prepare a journal entry for the purchase of office supplies on November 2 for $1,600, paying $500 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSGeneral Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Office Supplies
14	Prepaid Insurance
15	Land
16	Office Equipment
17	Automobiles

	LIABILITIES
21	Accounts Payable
22	Unearned Rent
23	Notes Payable
24	Salaries Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned
42	Sales Commission

	EXPENSES
51	Advertising Expense
52	Automobile Expense
53	Insurance Expense
54	Rent Expense
55	Salary Expense
56	Supplies Expense
57	Utilities Expense
58	Miscellaneous Expense

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3