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To start his own business, Eric Smith put $24,100 of his personal cash into the business account. Given the following additional transactions calculate the ending
To start his own business, Eric Smith put $24,100 of his personal cash into the business account. Given the following additional transactions calculate the ending balance of each of the following accounts after all journal entry amounts are posted: Cash, Supplies, Supplies Expense, Prepaid Rent, and Rent Expense Item 1 Description Supplies Ref. Debit Credit 1,550 Cash Cash 1,550 Supplies 2 Supplies Expense 510 Supplies Expense Supplies 510 Prepaid Rent 3 Prepaid Rent 1270 Rent Expense Cash 1,270 4 Rent Expense 670 Prepaid Rent 670
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