On January 7, 2016, Captec Company purchased $4,175 of suppl, Financial Accounting

On January 7, 2016, Captec Company purchased $4,175 of suppl, Financial Accounting

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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.
Required:
A. Journalize the January 7, 2016, transaction on page 33 of Captec Company’s two-column journal.
B. Prepare a four-column account for Supplies. Enter a debit
balance of $2,200 as of January 1, 2016. Enter “Balance” in the Item column and place a check mark (v) 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 (v) in the Posting Reference column. Enter “Balance” in the Item column and place a check mark (v) 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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