Question

the following transactions occur for the panther detective agency during the month of july: 1. purchase a truck and sign a note payable, $13,300. 2. purchase office supplies for cash, $430. 3. pay $630 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. note: if no entry is required for a transaction or event, select
o journal entry required\ in the first account field. view transaction list journal entry worksheet 1 2 3 purchase a truck and sign a note payable, $13,300. note: enter debits before credits. transaction general journal debit credit 1 notes payable 13,300

Explanation:

Step1: Analyze transaction 1

Debit Equipment $13,300$, Credit Notes Payable $13,300$. Equipment (truck) is an asset increasing, so it's debited. Notes Payable is a liability increasing, so it's credited.

Transaction	General Journal	Debit	Credit
	Notes Payable		13300

Step2: Analyze transaction 2

Debit Supplies $430$, Credit Cash $430$. Supplies (asset) are increasing and cash (asset) is decreasing.

Transaction	General Journal	Debit	Credit
	Cash		430

Step3: Analyze transaction 3

Debit Rent Expense $630$, Credit Cash $630$. Rent Expense is increasing and cash is decreasing.

Transaction	General Journal	Debit	Credit
	Cash		630

Answer:

Transaction	General Journal	Debit	Credit
	Notes Payable		13300
2	Supplies	430
	Cash		430
3	Rent Expense	630
	Cash		630