Journal entries January 11 The office manager in San Diego ordered $350 of office (operating) supplies from Staples. While on the way back from a delivery, one of the warehouse staff picked up the Staples order and brought it to GBI’s office. GBI has an account with Staples and payment terms are net 10. Operating supplies expense is figured at the end of the month determined by the amount of supplies used during the month.

GBI ordered $99,418 in raw materials from Space Bike Composites in Houston, TX. Terms of payment to Space Bikes are net 30.

GBI received payment from Windy City Bikes for their order from January 3. Windy City paid the invoice amount less the discount for paying within 10 days.

JOURNAL ENTRIES

11 January  Debit Office supplies  $350; Credit Accounts payable $350

Debit raw material $99,418; Credit Accounts payable $99,418

Debit bank , Debit Discount allowed ; credit Accounts receivables

Explanation:

the last transaction is from a transaction that happened on the 3rd of January and it is not shown here hence there are no figures. Debit bank with the amount received, debit discount allowed ( difference between bank and accounts receivables). Credit Account receivable with the amount of the order.

operating supplies may have operating supplies on hand after determining the expense(used) portion therefore the on hand(unused) portion creates an asset account.

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