(a) Journalize the , transaction on page 19 of Wilco Co.’s two-column journal. Include an explanation of the entry — purchased 250 supplies account Wiko chart accounts and payable

On , Wilco Co. purchased $3,250 of supplies on account. In Wiko Co.’s chart of accounts, the supplies account in No. 15, and the accounts payable account is No. 21.

(a) Journalize the , transaction on page 19 of Wilco Co.’s two-column journal. Include an explanation of the entry.

(b) Prepare a four-column account for supplies. Enter a debit balance of $975 as pf . Place a check mark () in the Posting Reference column.

(c) Prepare a four-column account for Accounts Payable. Enter a credit balance of #13,150 as of . Place a check mark () in the Posting Reference column.

(d) Post the , transaction to the accounts.

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

SOLUTION

a.

JOURNAL Page 19

Post.

Date Description Ref. Debit Credit

2012

Feb. 3 Supplies 15 3,250