Question

On September 18, 2019, Afton Company purchased $2,475 of supplies on account. In Afton Company’s chart...

On September 18, 2019, Afton Company purchased $2,475 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.

Required:
A. Journalize the September 18, 2019, transaction on page 87 of Afton Company’s two-column journal.
B. Prepare a four-column account for Supplies. Enter a debit balance of $840 as of September 1, 2019. Enter “Balance” in the Item column and place a check mark (?) in the Posting Reference column.
C. Prepare a four-column account for Accounts Payable. Enter a credit balance of $10,900 as of September 1, 2019.. Place a check mark (?) in the Posting Reference column. Enter “Balance” in the Item column and place a check mark (?) in the Posting Reference column.
D. Post the September 18, 2019, transaction to the accounts.
E. Do the rules of debit and credit apply to all companies?
CHART OF ACCOUNTS
Afton Company
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Land
14 Prepaid Rent
15 Supplies
16 Equipment
17 Automobiles
LIABILITIES
21 Accounts Payable
22 Unearned Rent
23 Notes Payable
24 Salaries Payable
EQUITY
31 Cammy Jardine, Capital
32 Cammy Jardine, Drawing
REVENUE
41 Fees Earned
42 Sales Commission
EXPENSES
51 Advertising Expense
52 Automobile Expense
53 Insurance Expense
54 Rent Expense
55 Wages Expense
56 Supplies Expense
57 Utilities Expense
58 Miscellaneous Expense

A. Journalize the September 18, 2019, transaction on page 87 of Afton Company’s two-column journal.

How does grading work?

PAGE 87

JOURNAL

ACCOUNTING EQUATION

Score: 27/27

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

?

?

?

?

?

2

?

?

?

?

B. Prepare a four-column account for Supplies. Enter a debit balance of $840 as of September 1, 2019. Enter “Balance” in the Item column and place a check mark (?) in the Posting Reference column.

C. Prepare a four-column account for Accounts Payable. Enter a credit balance of $10,900 as of September 1, 2019. Enter “Balance” in the Item column and place a check mark (?) in the Posting Reference column.

D. Post the September 18, 2019, transaction to the accounts.

Question not attempted.

LEDGER

Score: 0/44

Account: Supplies15Account No.

DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT

1

2

Account: Accounts Payable21Account No.

DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT

1

2

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