On January 7, 2016, Captec Company purchased $4,175 of suppl, Financial Accounting

On January 7, 2016, Captec Company purchased $4,175 of suppl, Financial Accounting

Assignment Help:

On January 7, 2016, Captec Company purchased $4,175 of supplies on account
. In Captec Company’s chart of accounts
, the Supplies account is No. 15, and the Accounts Payable account is No. 21.
Required:
A. Journalize the January 7, 2016, transaction on page 33 of Captec Company’s two-column journal.
B. Prepare a four-column account for Supplies. Enter a debit
balance of $2,200 as of January 1, 2016. Enter “Balance” in the Item column and place a check mark (v) in the Posting Reference column.
C. Prepare a four-column account for Accounts Payable. Enter a credit
balance of $18,430 as of January 1, 2016. Place a check mark (v) in the Posting Reference column. Enter “Balance” in the Item column and place a check mark (v) in the Posting Reference column.
D. Post the January 7, 2016, transaction to the accounts.
E. Do the rules of debit and credit
apply to all companies?

Related Discussions:- On January 7, 2016, Captec Company purchased $4,175 of suppl

Flow meter in an ongoing operation, You are considering whether to replace ...

You are considering whether to replace an existing flow meter in an ongoing operation. A change in the meter will have not affect revenues but will reduce costs. The existing meter

Advise the directors of the entity, An entity had the following transaction...

An entity had the following transactions during the year ended 31 December 2010: The entity invested in a convertible bond on its issue date. The bond matures four years aft

Failing to adjust entries, what are the effects of failure to adjust entrie...

what are the effects of failure to adjust entries

Grants are not necessarily recognized as revenue, Grants are not necessaril...

Grants are not necessarily recognized as revenue when they are awarded. Columbus City was awarded a state reimbursement grant of $150,000 to assist its adult literacy program. The

Accounts relate to keenal real estate, Prepare a financial statement from a...

Prepare a financial statement from alphabetic listing of accounts: A number of accounts balances are listed below these accounts relate to Keenal Real Estate. During the year just

Calculate the cash flow-agency costs, Tom Scott is the owner, president, an...

Tom Scott is the owner, president, and primary salesperson for Scott Manufacturing. Because of this, the company's profits are driven by the amount of work Tom does. If he works 40

Participation of employees in management, Q. Participation of Employees in ...

Q. Participation of Employees in Management? To facilitate meaningful and effective participation of workers in the management process it was decided in March 1994 that the Cor

Closing entry, what is closing entry

what is closing entry

What is the cost recovery deduction, Tim purchased a used office building o...

Tim purchased a used office building on May 15, 2001, for $2,000,000. $500,000 of the purchase price was allocated to the land. On November 1, 2010 the building was sold. What is t

What is the break-even sales, If fixed costs are $259,238, the unit selling...

If fixed costs are $259,238, the unit selling price is $112, and the unit variable costs are $63, what is the break-even sales (units)?

Write Your Message!

Name

Email id

Message

Verfication Code

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd