On August 7, 2015, Mainsail Co purchased $2,190 of supplies on account In Mainsail Co s chart of accounts, the supplies account is No 1050, and the accounts payable account is No 2010 a Journalize the August 7, 2015, transaction on page 19 of Mainsail Co s two column journal Include an explanation ...

a b c d Date 2015 Aug 7 Supplie ...

On August 7, 2015, Mainsail Co. purchased $2,190 of supplies on account. In Mainsail Co.s chart of

Question:

On August 7, 2015, Mainsail Co. purchased $2,190 of supplies on account. In Mainsail Co.’s chart of accounts, the supplies account is No. 1050, and the account is No. 2010.
a. Journalize the August 7, 2015, transaction on page 19 of Mainsail Co.’s two-column journal. Include an explanation of the entry.
b. Prepare a three-column account for Supplies. Enter a debit balance of $1,050 as at August 1, 2015. Place a check mark (() in the Posting Reference column.
c. Prepare a three-column account for Enter a credit balance of $15,600 as at August 1, 2015. Place a check mark (() in the Posting Reference column.
d. Post the August 7, 2015, transaction to the accounts. Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...