Question
On February 11, 20Y9, Quick Fix Company purchased $2,250 of supplies on account. In Quick Fixs chart of accounts, the supplies account is No. 15,
On February 11, 20Y9, Quick Fix Company purchased $2,250 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 the February 11, 20Y9, transaction on page 73 of Quick Fix Companys 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 () 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.
Journalizing and Posting On February 11, 2019, 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 and insert the posting reference for the February 11, 20Y9, transaction on page 73 of Quick Fix Company's two-column journal. If an amount box does not require an entry, leave it blank. Page: 73 POST. DATE ACCOUNT TITLE DEBIT CREDIT REF. 1 2/11/2049 Supplies 15 2,250 Accounts Payable 21 2,250 b. and d. Enter a debit balance of $400 as of February 1, 2049. Place a check mark (V) in the Posting Reference column. Post and insert the posting reference for the February 11, 2019, transaction to the accounts. If an amount box does not require an entry, leave it blank. GENERAL LEDGER Account : Supplies Account No. 15 POST. DATE ITEM BALANCE REF. DEBIT CREDIT DEBIT CREDIT 2/1/2049 Balance 2/11/2049 c. and d. Enter a credit balance of $18,300 as of February 1, 2049. Place a check mark (v) in the Posting Reference column. Post and insert the posting reference for the February 11, 2019, transaction to the account. If an amount box does not require an entry, leave it blank. b. and d. Enter a debit balance of $400 as of February 1, 2019. Place a check mark (V) in the Posting Reference column. Post and insert the posting reference for the February 11, 2019, transaction to the accounts. If an amount box does not require an entry, leave it blank. GENERAL LEDGER Account : Supplies Account No. 15 DATE ITEM POST. BALANCE REF. DEBIT CREDIT DEBIT CREDIT 2/1/2049 Balance 2/11/20Y9 c. and d. Enter a credit balance of $18,300 as of February 1, 2049. Place a check mark (V) in the Posting Reference column. Post and insert the posting reference for the February 11, 2019, transaction to the account. If an amount box does not require an entry, leave it blank. GENERAL LEDGER Account : Accounts Payable Account No. 21 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2/1/2049 Balance 2/11/2049 e. Do the rules of debit and credit apply to all companies? Yes
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