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30 December, 18:35

The following transactions occur for the Panther Detective Agency during the month of July:

a. Purchase a truck and sign a note payable, $14,100.

b. Purchase office supplies for cash, $510.

c. Pay $710 in rent for the current month.

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Answers (1)
  1. 30 December, 22:00
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    The question is incomplete find the complete question below;

    The following transactions occur for the Panther Detective Agency during the month of July. a ...

    Question:

    The following transactions occur for the Panther Detective Agency during the month of July.

    a. Purchase a truck and sign a note payable, $14,100.

    b. Purchase office supplies for cash, $510

    c. Pay $710 in rent for the current month.

    Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense.

    Purchase of truck

    DR Equipment $14,100

    CR Notes Payable $14,100

    Office supplies

    DR Office supllies $510

    CR Cash $510

    Rent

    DR Rent expense $710

    CR Cash $710

    Explanation:

    I have summarized the above transactions by a way of journal entries above, pay particular attention to the accounting headings used as stated in revised question.
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Home » Business » The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase a truck and sign a note payable, $14,100. b. Purchase office supplies for cash, $510. c. Pay $710 in rent for the current month.
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