Are my entries into my journal the correctly labeled accounts (sup exp)because my textbook answers say wrong account name but right $ amount?

My schooling program for accounting says my journal name entries are wrong but my $ amounts are correct to the debit and credit side of the financial reporting.


2a/b) Purchased $3,800 of supplies on account on April 15. At year-end, $160 of supplies remained on hand.

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2 Answers

  • 1 month ago

    DR: Supplies expense 3640

    CR: Supplies on Hand 3640

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  • 1 month ago

    [ I cannot read your attachment. ]  "on account" is a liability until the bill is paid (cancelling the liability and cr cash). Supplies are an asset that gets used up over time (expensed), until $160 worth left.  Follow those hints / suggestions, do some work, and come back if needed.

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