Journalizing and Posting

On February 11, 20Y9, Quick Fix Company purchased $2,320 of supplies on account. In Quick Fixs chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.

a. Journalize and insert the posting reference for the February 11, 20Y9, transaction on page 73 of Quick Fix Companys two-column journal. If an amount box does not require an entry, leave it blank.

Page: 73

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1	2/11/20Y9	Supplies				1
2						2

b. & d. Enter a debit balance of $1,110 as of February 1, 20Y9. Place a check mark () in the Posting Reference column. Post and insert the posting reference for the February 11, 20Y9, transaction to the account. If an amount box does not require an entry, leave it blank.

GENERAL LEDGER

Account : Supplies Account No. 15
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
					DEBIT	CREDIT
2/1/20Y9	Balance
2/11/20Y9

c. & d. Enter a credit balance of $16,520 as of February 1, 20Y9. Place a check mark () in the Posting Reference column. Post and insert the posting reference for the February 11, 20Y9, transaction to the account. If an amount box does not require an entry, leave it blank.

GENERAL LEDGER

Account : Accounts Payable Account No. 21
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
					DEBIT	CREDIT
2/1/20Y9	Balance
2/11/20Y9

e. Do the rules of debit and credit apply to all companies? yes or no