Working Papers for Warren/Reeve/Duchac's Corporate Financial Accounting, 14th
14th Edition
ISBN: 9781305878839
Author: Carl Warren, Jonathan Duchac, James M. Reeve
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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Prepare journal entries to record the following transactions. Create a T-account for AccountsPayable, post any entries that affect the account, and calculate the ending balance for the account. Assume anAccounts Payable beginning balance of $7,500.A. May 12, purchased merchandise inventory on account. $9,200B. June 10, paid creditor for part of previous month’s purchase, $11,350
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Chapter 2 Solutions
Working Papers for Warren/Reeve/Duchac's Corporate Financial Accounting, 14th
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