List the GL entries, accounting homework help
List the GL entries (debit and credit) for the following items – list debit/credit (in 6 character format – all GL accounts) for each date listed.
1) On January 2, 2015, an agency decides to order $2,000 of office supplies. The agency has made firm orders for specific vendors. The amounts total $2,000. There are no advances. What is the GL entry when the agency signs the order (but has not yet received the supplies),
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2) On February 2, 2015, the agency receives the goods – the goods are considered expenses, and are not considered personal or real property (or inventory). What is the GL entry?
3) On February 27, 2015, the vendor receives payment for the goods.
How did the vendor (likely) receive payment? Who actually paid the vendor, in most cases? What is the GL entry?
