On September 18, 20Y4, Carbon Company purchased $3,750 of supplies on account. In Carbon Companys chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. Required:

Prepare a four-column account for Supplies. Enter a debit balance of $2,000 as of September 1, 20Y4. Record DATE, POST. REF., a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Item descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM blank when recording all other entries. In CNOW, Journal pages do not begin with J. For example journal page 10 POST. REF. is simply 10. Use a for beginning balances. If the ending balance is $0, at least one balance amount should be $0.

Prepare a four-column account for Accounts Payable. Enter a credit balance of $18,890 as of September 1, 20Y4. Record DATE, POST. REF., a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Item descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM blank when recording all other entries. In CNOW, Journal pages do not begin with J. For example journal page 10 POST. REF. is simply 10. Use a for beginning balances. If the ending balance is $0, at least one balance amount should be $0. D. Post the September 18, 20Y4, transaction to the accounts. E. Do the rules of debit and credit apply to all companies?