The following selected transactions were completed during August of the current year:

Transactions
Aug.	1	Billed customers for fees earned, $73,900.
	4	Purchased supplies on account, $1,960.
	8	Received cash from customers on account, $62,770.
	11	Paid creditors on account, $820.

Required:

A.

Journalize these transactions in a two-column journal. Refer to the T-Accounts for exact wording of account titles.

B.

Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate date.

C.

Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean that an error has occurred?

A. Journalize these transactions in a two-column journal. Refer to the T-Accounts for exact wording of account titles.

All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

Score: 42/101

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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B. Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate date.

Cash

Accounts Payable

Supplies

Fees Earned

Accounts Receivable

he following selected transactions were completed during August of the current year:

Transactions
Aug.	1	Billed customers for fees earned, $74,310.
	4	Purchased supplies on account, $2,000.
	8	Received cash from customers on account, $62,770.
	11	Paid creditors on account, $900.

	Required:
A.	Journalize these transactions in a two-column journal. Refer to the T-Accounts for exact wording of account titles.
B.	Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate date.
C.	Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean that an error has occurred?

A. Journalize these transactions in a two-column journal. Refer to the T-Accounts for exact wording of account titles.

All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

Score: 35/101

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6
7
8