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Journalizing and posting On 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 two-column journal. Include an explanation of the entry. b. Prepare a four-column account for Supplies. Enter a debit balance 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. e. Do the rules of debit and credit apply to all companies?

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 2, Problem 8E
Textbook Problem
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Journalizing and posting

On 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 two-column journal. Include an explanation of the entry.

b. Prepare a four-column account for Supplies. Enter a debit balance 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.

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

(a)

To determine

Prepare the journal entries for the transactions that occurred on February 20Y9.

Explanation of Solution

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...

(b), (c) and (d)

To determine

Prepare a four- column account for supplies and accounts payable.

(e)

To determine

Explain whether the rules of debit and credit apply to all companies.

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Chapter 2 Solutions

Financial And Managerial Accounting
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