Problem:
1. On August 7, 2010, Mainsail Co. purchased $2,190 of supplies on account.
a. Journalize the August 7, 2010 transaction.
b. Prepare a T account for Supplies. Enter a debit balance of $1,050 as of August 1, 2010.
c. Prepare a T account for Accounts Payable. Enter a credit balance of $15,600 as of August 1, 2010.
d. Post the August 7, 2010 transaction to the accounts.