On May 22, 2014, Hillcrest Co. purchased of $6,180 supplies on account. In Hillcrest Co.s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. 1. Journalize the May 22, 2014, transaction of Hillcrest Co.s two-column journal. Include an explanation of the entry. 2. Prepare a four-column account for Supplies. Enter a debit balance of $1,500 as of May 1, 2014. Place a check mark () in the Posting Reference column. 3. Prepare a four-column account for Accounts Payable. Enter a credit balance of $16,750 as of May 1, 2014. Place a check mark () in the Posting Reference column. 4. Post the May 22, 2014, transaction to the accounts. 5. Enter the ending balance in each account after the posting of the May 22, 2014 transaction.

Create a Journal Entry! Thank you!