Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 2, Problem 2.8EX
Journalizing and posting
On October 3, 2018, Regal Company purchased $3,600 of supplies on account. In Regal’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.
- A. Journalize the October 3, 2018, transaction on page 91 of Regal Company’s two-column journal. Include an explanation of the entry.
- B. Prepare a four-column account for Supplies. Enter a debit balance of $770 as of October 1, 2018. Place a check mark (✓) in the Posting Reference column.
- C. Prepare a four-column account for Accounts Payable. Enter a credit balance of $26,200 as of October 1, 2018. Place a check mark (✓) in the Posting Reference column.
- D. Post the October 3, 2018, transaction to the accounts.
- E. Do the rules of debit and credit apply to all companies?
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Journalizing and postingOn February 11, 20Y9, Quick Fix Company purchased $2,250 of supplieson account. In Quick Fix's chart of accounts, the supplies account is No.15, and the accounts payable account is No. 21.
a. Journalize the February 11, 2019, transaction on page 73 of Quick FixCompany's two-column journal. Include an explanation of the entry.b. Prepare a four-column account for Supplies. Enter a debit Ira lance of$400 as of February 1, 20Y9. Place a check mark (v) in the PostingReference column.
c. Prepare a four-column account for Accounts Payable. Enter a creditbalance of $18,300 as of February 1, 20Y9. Place a check mark (V) in thePosting Reference column.
d. Post the February 11, 2019, transaction to the accounts.C. Do the rules of debit and credit apply to all companies?
Journalizing and Posting
On September 18, 2019, Afton Company purchased $3,180 of supplies on account. In Afton Company's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.
a. Journalize the September 18, 2019, transaction on page 87 of Afton Company's two-column journal.
Page: 87
POST.
DATE
DESCRIPTION
DEBIT CREDIT
REF.
Sept. 18, 2019 Supplies
15
3,180
Accounts Payable
21
3,180
b. & d. In the four-column account for Supplies, enter a debit balance of $1,530 as of September 1, 2019. Place a check mark () in the Posting Reference column. Post the September 18, 2019, transaction to the account. For those boxes in
which no entry is required, leave the box blank.
GENERAL LEDGER
Account Supplies
Account No. 15
POST.
BALANCE
DATE
ITEM
DEBIT CREDIT
REF.
DEBIT CREDIT
Sept. 1, 2019 Balance
Sept. 18, 2019
C. & d. In the four-column account for Accounts Payable, enter a credit balance of $22,640 as of September 1, 2019. Place a check mark () in the…
Journalizing and postingOn February 11, 20Y9, Quick Fix Company purchased $2,250 of supplies on account. In Quick Fix’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.a. Journalize the February 11, 20Y9, transaction on page 73 of Quick Fix Company’s twocolumn journal. Include an explanation of the entry.b. Prepare a four-column account for Supplies. Enter a debit Ira lance of $400 as of February 1, 20Y9. Place a check mark (✓) in the Posting Reference column.c. Prepare a four-column account for Accounts Payable. Enter a credit balance of $18,300 as of February 1, 20Y9. Place a check mark (✓) in the Posting Reference column.d. Post the February 11, 20Y9, transaction to the accounts.c. Do the rules of debit and credit apply to all companies?
Chapter 2 Solutions
Corporate Financial Accounting
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