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LG 21-3, continued
  c.
 

On October 7, the business uses up $500 of supplies in performing a consulting job for a client.
  Assets    = Liabilities + Owner’s Equity 
Cash
15,000 5,000
Supplies 
1,000 500
Equipment
4,000  
 
 
   
 
David Jefferson, Capital
 
   
Supplies Exp. 
 500  
 
   
15,000
 
   
 
   
  d.
 

On October 20, the business receives a $200 bill from the electric company. The bill will be paid early next month.
Assets   = Liabilities + Owner’s Equity
Cash
15,000 5,000
 Supplies
1,000 500
 Equipment
 4,000  
 
 Accts. Payable
  200
 
David Jefferson, Capital
 
   
Supplies Exp.
 5,00  
Utilities Exp. 
 200  
15,000
 
   
 
   
Learning Goal 21, continued
SOLUTIONS
  S4  
Section V · Using a Basic Accounting System
 
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