Reference no: EM132738636
Problem - 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.
Required -
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.
c. Prepare a four-column account for Accounts Payable. Enter a credit balance of $18,300 as of February 1, 20Y9.
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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