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Journalizing and posting On January 7, 2016, Captec Company purchased $4,175 of supplies on account. In Captec Company’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. a. Journalize the January 7, 2016, transaction on page 33 of Captec Company’s two-column journal. Include an explanation of the entry. b. Prepare a four-column account for Supplies. Enter a debit balance of $2,200 as of January 1, 2016. Place a check mark (✓) in the Posting Reference column. c. Prepare a four-column account for Accounts Payable. Enter a credit balance of $18,430 as of January 1, 2016. Place a check mark (✓) in the Posting Reference column. d. Post the January 7, 2016, transaction to the accounts. e. Do the rules of debit and credit apply to all companies?

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

Solutions

Chapter
Section
Chapter 2, Problem 2.8EX
Textbook Problem

Journalizing and posting

On January 7, 2016, Captec Company purchased $4,175 of supplies on account. In Captec Company’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.

  1. a. Journalize the January 7, 2016, transaction on page 33 of Captec Company’s two-column journal. Include an explanation of the entry.
  2. b. Prepare a four-column account for Supplies. Enter a debit balance of $2,200 as of January 1, 2016. Place a check mark (✓) in the Posting Reference column.
  3. c. Prepare a four-column account for Accounts Payable. Enter a credit balance of $18,430 as of January 1, 2016. Place a check mark (✓) in the Posting Reference column.
  4. d. Post the January 7, 2016, transaction to the accounts.
  5. e. Do the rules of debit and credit apply to all companies?

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Chapter 2 Solutions

Accounting (Text Only)
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