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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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.