On September 18, 20Y4, Afton Company purchased $8,710 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, 20Y4, transaction on page 87 of Afton Company’s two column journal. Include an explanation of the entry.

b. Prepare a four-column account for Supplies. Enter a debit balance of $2,960 as of September 1, 20Y4. Place a check mark (✔) in the Posting Reference column.

c. Prepare a four-column account for Accounts Payable. Enter a credit balance of $38,400 as of September 1, 20Y4. Place a check mark (✔) in the Posting Reference column.

d. Post the September 18, 20Y4, transaction to the accounts. 

e. Do the rules of debit and credit apply to all companies?