Adam’s Computer Shop had the following transactions last week. Record the general journal below. Oct. 1 – Bought supplies on account for $620.
Oct. 6 – Repaired computer for customer and received $350.
Oct. 7 – Bought equipment for $2,500. Paid $900 in cash now and pay the rest later.
Oct. 9 – Paid the bill for the supplies bought on Oct. 1

Oct 1

Dr Supplies $620

Cr Accounts Payable $620

Oct 6

Dr Cash $350

Cr Fees Earned $350

Octd 7

Dr Equipment $2500

Cr Cash$900

Cr Accounts Payable $1400

Oct 9

Dr Accounts Payable $620

Cr Cash $620

Explanation:

Preparation of the journal entries

Oct 1

Dr Supplies $620

Cr Accounts Payable $620

Oct 6

Dr Cash $350

Cr Fees Earned $350

Octd 7

Dr Equipment $2500

Cr Cash$900

Cr Accounts Payable $1400

($2,500-$900)

Oct 9

Dr Accounts Payable $620

Cr Cash $620

the answer would be voluntary exchange -

"the act of buyers and sellers freely and willingly engaging in market transactions. moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred."

hope this : )

-shy