Question
Transactions and T Accounts The following selected transactions were completed during August of the current year: Billed customers for fees earned, $50,850. Purchased supplies on
Transactions and T Accounts
The following selected transactions were completed during August of the current year: Billed customers for fees earned, $50,850. Purchased supplies on account, $2,190. Received cash from customers on account, $47,800. Paid creditors on account, $1,320.
a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions.
(1) | |||
(2) | |||
(3) | |||
(4) | |||
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 transactions.
Cash | |||
---|---|---|---|
(3) | (4) |
Supplies | |||
---|---|---|---|
Accounts Receivable | |||
---|---|---|---|
Accounts Payable | |||
---|---|---|---|
Fees Earned | |||
---|---|---|---|
|
Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started