Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Chapter 2, Problem 8E
Journalizing and posting
On 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 two-column journal. Include an explanation of the entry.
b. Prepare a four-column account for Supplies. Enter a debit balance 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.
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 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?
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?
wo transactions were posted to the following customer account.
NAME: Boogie Board Water WearADDRESS: 2340 Xtreme Surf
Date
Item
Post. Ref.
Debit
Credit
Balance
July 1
Balance
805
6
Invoice No. 406
R42
645
1,450
24
Invoice No. 456
CR56
710
740
Describe each transaction and the source of each posting.
July 6
Sold $_______on account to Boogie Board Water Wear.
July 24
Cash of $_________ was collected from Boogie Board Water Wear.
Chapter 2 Solutions
Financial And Managerial Accounting
Ch. 2 - What is the difference between an account and...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - eCatalog Services Company performed services in...Ch. 2 - If the two totals of a trial balance are equal,...Ch. 2 - Prob. 6DQCh. 2 - Assume that when a purchase of supplies of 2,650...Ch. 2 - Assume that Muscular Consulting erroneously...Ch. 2 - Assume that Sunshine Realty Co. borrowed 300,000...Ch. 2 - Checking accounts are one of the most common forms...
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