The following selected transactions were completed during March of the current year: March 1 Billed customers for fees earned, $74,310. 4 Purchased supplies on account, $2,000. 8 Received cash from customers on account, $62,870. 11 Paid creditors on account, $900. Required: A. Journalize these transactions in a two-column journal. Refer to the list of accounts in 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 March 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred? ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Sales Commission 13 Land 14 Prepaid Rent EXPENSES 15 Supplies 51 Advertising Expense 16 Equipment 52 Automobile Expense 17 Automobiles 53 Insurance Expense 54 Rent Expense LIABILITIES 55 Wages Expense 21 Accounts Payable 56 Supplies Expense 22 Unearned Rent 57 Utilities Expense 23 Notes Payable 58 Miscellaneous Expense 24 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Question not attempted. PAGE 1 JOURNAL Score: 0/101 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 Points: 0/20 Feedback Check My Work Identify the type of accounts affected in each transaction. Determine whether the account increases or decreases and record each increase or decrease following the rules of debit and credit. Remember total debits should equal total credits in your entries. 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 Receivable Supplies Accounts Payable Fees Earned Points: 0/16 Feedback Check My Work Transfer the debits and credits from the journal entries to the T-accounts in the order in which they occur in (a). Make sure that you record debit amounts equal to credit amounts