On October 3, 2018, Regal Company purchased $3,600 of supplies on account. In Regal's chart of accounts,

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On October 3, 2018, Regal Company purchased $3,600 of supplies on account. In Regal's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.
A. Journalize the October 3, 2018, transaction on page 91 of Regal Company's two-column journal. Include an explanation of the entry.
B. Prepare a four-column account for Supplies. Enter a debit balance of $770 as of October 1, 2018. Place a check mark () in the Posting Reference column.
C. Prepare a four-column account for Accounts Payable. Enter a credit balance of $26,200 as of October 1, 2018. Place a check mark () in the Posting Reference column.
D. Post the October 3, 2018, transaction to the accounts.
E. jgassasmf Do the rules of debit and credit apply to all companies?
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...
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Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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