On February 11, 20Y9, Quick Fix Company purchased $4,375 of supplies on account. In Quick Fixs chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.

	Required:
a.	Journalize and insert the posting references for the February 11, 20Y9, transaction on page 73 of Quick Fix Companys two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
b.	Enter a debit balance of $2,400 as of February 1, 20Y9. Enter Balance in the Item column and place a check mark () in the Posting Reference column.
c.	Enter a credit balance of $18,010 as of February 1, 20Y9. Enter Balance in the Item column and place a check mark () in the Posting Reference column.
d.	Post and insert posting references for the February 11, 20Y9, transaction to the accounts.
e.	Do the rules of debit and credit apply to all companies?

CHART OF ACCOUNTS

Quick Fix Company

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Land
14	Prepaid Rent
15	Supplies
16	Equipment
17	Automobiles

	LIABILITIES
21	Accounts Payable
22	Unearned Rent
23	Notes Payable
24	Salaries Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned
42	Sales Commission

	EXPENSES
51	Advertising Expense
52	Automobile Expense
53	Insurance Expense
54	Rent Expense
55	Wages Expense
56	Supplies Expense
57	Utilities Expense
58	Miscellaneous Expense

a. Journalize and insert the posting references for the February 11, 20Y9, transaction on page 73 of Quick Fix Companys two-column journal. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 73

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2

	b. Enter a debit balance of $2,400 as of February 1, 20Y9. Enter Balance in the Item column and place a check mark () in the Posting Reference column.
	c. Enter a credit balance of $18,010 as of February 1, 20Y9. Enter Balance in the Item column and place a check mark () in the Posting Reference column.
	d. Post and insert posting references for the February 11, 20Y9, transaction to the accounts.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1
2

LEDGER

Account: Supplies Account No.15

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1
2

Accounts payable Account No.21

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1
2

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

Yes

No