GBI purchased $800 of supplies for the marketing
On February 2nd, GBI purchased $800 of supplies for the marketing department to use in a trade show. Payment for the purchase was made on February 4th.
Enter the appropriate journal entries in the GBI ERP system to reflect the scenario described above. You will need two entries, one for the purchase and one for the payment. At the time of the purchase, the expense is recorded in the supplies expense account (740000) and the obligation is recorded in the Payables-Misc. account (300200). Payment for the full amount is made from the bank account (100000).