Reference no: EM132769553
Problem - 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.
a. Journalize the September 18, 2019, transaction of Afton Company's two-column journal. Include an explanation of the entry.
b. Prepare a four-column account for Supplies. Enter a debit balance of $840 as of September 1, 2019.
c. Prepare a four-column account for Accounts Payable. Enter a credit balance of $10,900 as of September 1, 2019.
d. Post the September 18, 2019, transaction to the accounts.
e. Do the rules of debit and credit apply to all companies?
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