ACTG 1P91 Lecture 12: Untitled page
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24 Oct 2018
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On October 3, 2018, Regal Company purchased $4,125 of supplieson account. In Regalâs chart of accounts, the supplies account isNo. 15, and the Accounts Payable account is No. 21.
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A. | Journalize and insert theposting references for the October 3, 2018, transaction on page 91of Regal Companyâs two-column journal. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B. | Prepare a four-column accountfor Supplies. Enter a debit balance of $2,050 as of October 1,2018. Enter âBalanceâ in the Item column and place a check mark (â)in the Posting Reference column. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C. | Prepare a four-column accountfor Accounts Payable. Enter a credit balance of $18,440 as ofOctober 1, 2018. Place a check mark (â) in the Posting Referencecolumn. Enter âBalanceâ in the Item column and place a check mark(â) in the Posting Reference column. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
D. | Post the October 3, 2018,transaction to the accounts. Insert the appropriate postingreferences in both the journal and the ledger as each item isposted. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E. | Do the rules of debit and credit apply to allcompanies? CHART OF ACCOUNTS Regal CompanyGeneral Ledger
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