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POST. REF. I DEBIT CREDIT

POST. REF. I DEBIT CREDIT

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalizing and Posting On October 3, 2018, Regal Company purchased $2,890 of supplies on account. In Regal's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. a. Journalize the October 3, 2018, transaction on page 91 of Regal Company's two-column journal. Page: 91 DOC. NO. DATE 1 Oct. 3, 2018 2 ACCOUNT TITLE Account Supplies DATE Oct. 3, 2018 b. & d. In the four-column account for Supplies, enter a debit balance of $1,390 as of October 1, 2018. Place a check mark () in the Posting Reference column. Post the October 3, 2018, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER ITEM Oct. 1, 2018 Balance Account Accounts Payable DATE POST. REF. ITEM O POST. REF. POST. REF. DEBIT CREDIT DEBIT CREDIT c. & d. In the four-column account for Accounts Payable, enter a credit balance of $20,580 as of October 1, 2018. Place a check mark () in the Posting Reference column. Post the October 3, 2016, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER DEBIT CREDIT Account No. 15 BALANCE DEBIT CREDIT 2 Account No. 21 BALANCE DEBIT CREDIT
Transcribed Image Text:Journalizing and Posting On October 3, 2018, Regal Company purchased $2,890 of supplies on account. In Regal's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. a. Journalize the October 3, 2018, transaction on page 91 of Regal Company's two-column journal. Page: 91 DOC. NO. DATE 1 Oct. 3, 2018 2 ACCOUNT TITLE Account Supplies DATE Oct. 3, 2018 b. & d. In the four-column account for Supplies, enter a debit balance of $1,390 as of October 1, 2018. Place a check mark () in the Posting Reference column. Post the October 3, 2018, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER ITEM Oct. 1, 2018 Balance Account Accounts Payable DATE POST. REF. ITEM O POST. REF. POST. REF. DEBIT CREDIT DEBIT CREDIT c. & d. In the four-column account for Accounts Payable, enter a credit balance of $20,580 as of October 1, 2018. Place a check mark () in the Posting Reference column. Post the October 3, 2016, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER DEBIT CREDIT Account No. 15 BALANCE DEBIT CREDIT 2 Account No. 21 BALANCE DEBIT CREDIT
I UCL 3, 201 b. & d. In the four-column account for Supplies, enter a debit balance of $1,390 as of October 1, 2018. Place a check mark () in the Posting Reference column. Post the October 3, 2018, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER Account Supplies DATE Oct. 1, 2018 Balance Oct. 3, 2018 ITEM Account Accounts Payable DATE Oct. 3, 2018 ITEM Oct. 1, 2018 Balance POST. REF. c. & d. In the four-column account for Accounts Payable, enter a credit balance of $20,580 as of October 1, 2018. Place a check mark (4) in the Posting Reference column. Post the October 3, 2016, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER 0 POST. REF. DEBIT CREDIT O DEBIT CREDIT Account No. 15 BALANCE DEBIT CREDIT e. Do the rules of debit and credit apply to all companies? Account No. 21 BALANCE DEBIT CREDIT
Transcribed Image Text:I UCL 3, 201 b. & d. In the four-column account for Supplies, enter a debit balance of $1,390 as of October 1, 2018. Place a check mark () in the Posting Reference column. Post the October 3, 2018, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER Account Supplies DATE Oct. 1, 2018 Balance Oct. 3, 2018 ITEM Account Accounts Payable DATE Oct. 3, 2018 ITEM Oct. 1, 2018 Balance POST. REF. c. & d. In the four-column account for Accounts Payable, enter a credit balance of $20,580 as of October 1, 2018. Place a check mark (4) in the Posting Reference column. Post the October 3, 2016, transaction to the account. For those boxes in which no entry is required, leave the box blank. GENERAL LEDGER 0 POST. REF. DEBIT CREDIT O DEBIT CREDIT Account No. 15 BALANCE DEBIT CREDIT e. Do the rules of debit and credit apply to all companies? Account No. 21 BALANCE DEBIT CREDIT
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