1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
FinnZ [79.3K]
3 years ago
7

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.
Required:
A. Journalize the September 18, 2019, transaction on page 87 of Afton Company’s two-column journal.
B. Prepare a four-column account for Supplies. Enter a debit balance of $840 as of September 1, 2019. Enter "Balance" in the Item column and place a check mark (?) in the Posting Reference column.
C. Prepare a four-column account for Accounts Payable. Enter a credit balance of $10,900 as of September 1, 2019.. Place a check mark (?) in the Posting Reference column. Enter "Balance" in the Item column and place a check mark (?) in the Posting Reference column.
D. Post the September 18, 2019, transaction to the accounts.
E. Do the rules of debit and credit apply to all companies?
Business
1 answer:
butalik [34]3 years ago
8 0

Answer:

Supplies   2,475 debit

 Account Payables   2,475 credit

Supplies             Transactions             Balance

                      DEBIT     CREDIT   DEBIT   CREDIT

Sep 1st               --          --          840      --

Sep 18th         2,475                 3,315

Acc. Payable       Transactions             Balance

                      DEBIT     CREDIT   DEBIT   CREDIT

Sep 1st               --          --              --         10,900

Sep 18th                        2,475                   13,375

The rules of debit and credit applies to all companies. If company's for incompetence or lack of moral qualms do not follow these rules the result of the accounting will be tained and not useful for the decision making process until the mistakes or ommision are fixed.

Explanation:

The firs is the journal entry.

We debit the supplies as they are assets

and credit the account payable which is a liability.

Then the four column stand for the ledger.

We post the transaction of each account and the balance after the event occur

You might be interested in
Which of the following is a general two-year college level degree
svetlana [45]

Answer:

an associates degree

Explanation:

8 0
3 years ago
Read 2 more answers
1. Over the past year, a customer has surrendered, in whole or in part, three life insurance policies. If part of a money launde
Thepotemich [5.8K]

Answer:

It represents the Integration stage

Explanation:

Money laundering is an illegal chain of activities done by individuals or corporate bodies to change the status of money gotten through a criminal activity into legitimate money. This chain of activities starts with the Placement stage then transforms into the Layering stage, then ends when it is already integrated into the legitimate financial system through the Integration stage.

After the money launderer conceals the illegal money through bank deposits or purchasing a life insurance policy at the Placement stage, the launderer then proceeds to further break the money into smaller amounts to evade suspicion by numerous transactions and bank deposits at the Layering stage, which is then ended by partial or whole surrenders of life insurance policies to make it now legitimate money.

3 0
2 years ago
Property taxes typically pay for
zheka24 [161]
-animal control
-local road maintenance
-police protection
-fire service
-sewage treatment
-safe drinking water
-safe building regulations 
3 0
3 years ago
What happens to the market outcome if cartel members cheat on the collusive agreement?
sdas [7]

If a single company cheats on the cartel agreement then the unmarried company can grow its profit.

A cartel agreement is a settlement between competitions with the aim of hindering or proscribing competition or creating fake competition. Cartel agreements also can exist between providers and consumers, such as an instance retail fees.

A few examples of a cartel encompass The enterprise of the Petroleum Exporting Countries (OPEC), an oil cartel whose members manage forty four% of worldwide oil production and 81.5% of the world's oil reserves.

A cartel is an illegal settlement between competition that restricts competition. Cartels are often hard to discover due to the fact the cartel members have a not unusual hobby of keeping the agreement secret.

Learn more about cartel agreement here: brainly.com/question/16147138

#SPJ4

7 0
2 years ago
Your company incurs a cost for factory rentfactory rent​, ​which, in the short​ run, is fixed. What happens to this cost in the
mixas84 [53]

Answer:

A. becomes a variable cost

Explanation:

Fixed costs are the expenses that remain constant in a period. During the period under review, fixed costs do not change regardless of the level of output. Fixed costs are mostly made up of overheads such as rent , depreciation, and administrative salaries.

Fixed cost remains constant in a particular financial year. In the long run,  business budgets and projections tend to change, resulting in changes to the fixed cost. In other words, in the long run, fixed costs will change. Therefore, in the long run, all costs are variable expenses.

5 0
3 years ago
Other questions:
  • A company reports the following income statement and balance sheet information for the current year: Net income $250,000 Interes
    15·1 answer
  • At the end of 2016, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,1
    8·1 answer
  • Zhdanov Inc. forecasts that its free cash flow in the coming year, i.e., at t = 1, will be -$10 million, but its FCF at t = 2 wi
    5·1 answer
  • Suppose the amounts presented here are basic financial information (in millions) from the 2019 annual reports of Nike and Adidas
    9·1 answer
  • If Good C increases in price by 30% a pound, and this causes the quantity demanded for Good D to increase by 40%, what is the cr
    12·1 answer
  • The cyclical surplus is $450 billion, potential output is $10 trillion and tax rate is 15 percent. With this information, we can
    8·1 answer
  • Anna is a team leader at Shine Design Inc. Gavin is her least preferred employee because he makes silly mistakes in his reports.
    13·1 answer
  • Closing entries are required: Multiple Choice If management has decided to cease operating the business. Only if the company adh
    13·1 answer
  • g A decrease in aggregate demand will cause prices to fall according to classical economists, and unemployment to increase accor
    10·1 answer
  • 1988
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!