Journal: Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect. Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”. To Journalize: The transaction occurred on January 7, 2016.

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Answer 1

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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Journalizing and postingOn February 11, 20Y9, Quick Fix Company purchased $2,250 of supplieson account. In Quick Fix's chart of accounts, the supplies account is No.15, and the accounts payable account is No. 21. a. Journalize the February 11, 2019, transaction on page 73 of Quick FixCompany's 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 (v) in the PostingReference column. c. Prepare a four-column account for Accounts Payable. Enter a creditbalance of $18,300 as of February 1, 20Y9. Place a check mark (V) in thePosting Reference column. d. Post the February 11, 2019, transaction to the accounts.C. Do the rules of debit and credit apply to all companies?

Journalizing and postingOn February 11, 20Y9, 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 the February 11, 20Y9, transaction on page 73 of Quick Fix Company’s twocolumn 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.d. Post the February 11, 20Y9, transaction to the accounts.c. Do the rules of debit and credit apply to all companies?

Journalizing and Posting On September 18, 2019, Afton Company purchased $3,180 of supplies on account. In Afton Company's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. a. Journalize the September 18, 2019, transaction on page 87 of Afton Company's two-column journal. Page: 87 POST. DATE DESCRIPTION DEBIT CREDIT REF. Sept. 18, 2019 Supplies 15 3,180 Accounts Payable 21 3,180 b. & d. In the four-column account for Supplies, enter a debit balance of $1,530 as of September 1, 2019. Place a check mark () in the Posting Reference column. Post the September 18, 2019, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER Account Supplies Account No. 15 POST. BALANCE DATE ITEM DEBIT CREDIT REF. DEBIT CREDIT Sept. 1, 2019 Balance Sept. 18, 2019 C. & d. In the four-column account for Accounts Payable, enter a credit balance of $22,640 as of September 1, 2019. Place a check mark () in the…

Answer 2

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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Answer 3

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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Answer 4

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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Answer 5

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Answer 6

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

Answer 7

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

Answer 8

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

Answer 9

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

Answer 10

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Answer 11

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Solution Summary: The author explains that Journal is the book of original entry and consists of the day-to-day financial transactions in a chronological order.

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To prepare: A four- column account for supplies.

To explain: Whether the rules of debit and credit apply to all companies.

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