Transactions and T Accounts

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

Billed customers for fees earned, $$63,860.$

Purchased supplies on account, $$2,750.$

Received cash from customers on account, $$60,030.$

Paid creditors on account, $$1,660.$

Question Content Area

a$.$ Journalize these transactions in a two$-$column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank.

TransactionAccountDebitCredit

$(1)$

Accounts Receivable

Fees Earned

$(2)$

Supplies

Cash

$(3)$

Cash

Accounts Receivable

$(4)$

Cash

Question Content Area

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 number to identify the transaction.

Cash

Transaction Debit amount Transaction Credit amount

fill in the blank $1$ of $16$

fill in the blank $2$ of $16$

fill in the blank $3$ of $16$

fill in the blank $4$ of $16$

Accounts Payable

Transaction Debit amount Transaction Credit amount

fill in the blank $5$ of $16$

fill in the blank $6$ of $16$

fill in the blank $7$ of $16$

fill in the blank $8$ of $16$

Supplies

Transaction Debit amount Transaction Credit amount

fill in the blank $9$ of $16$

fill in the blank $10$ of $16$

Fees Earned

Transaction Debit amount Transaction Credit amount

fill in the blank $11$ of $16$

fill in the blank $12$ of $16$

Accounts Receivable

Transaction Debit amount Transaction Credit amount

fill in the blank $13$ of $16$

fill in the blank $14$ of $16$

fill in the blank $15$ of $16$

fill in the blank $16$ of $16$

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