Question
Transactions and T Accounts The following selected transactions were completed during October of the current year: Billed customers for fees earned, $40,020. Purchased supplies on
Transactions and T Accounts
The following selected transactions were completed during October of the current year:
Billed customers for fees earned, $40,020.
Purchased supplies on account, $1,720.
Received cash from customers on account, $37,620.
Paid creditors on account, $1,040.
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.
Transaction | Account | Debit | Credit |
---|---|---|---|
(1) | Accounts PayableAccounts ReceivableCashFees EarnedFees Expense | - Select - | - Select - |
Accounts PayableAccounts ReceivableCashFees EarnedFees Expense | - Select - | - Select - | |
(2) | Accounts PayableCashSuppliesSupplies PayableSupplies Receivable | - Select - | - Select - |
Accounts PayableCashSuppliesSupplies PayableSupplies Receivable | - Select - | - Select - | |
(3) | Accounts PayableAccounts ReceivableCashFees EarnedFees Expense | - Select - | - Select - |
Accounts PayableAccounts ReceivableCashFees EarnedFees Expense | - Select - | - Select - | |
(4) | Accounts PayableAccounts ReceivableCashFees EarnedFees Expense | - Select - | - Select - |
Accounts PayableAccounts ReceivableCashFees EarnedFees Expense | - Select - | - Select - |
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.
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
fill in the blank 1 of 16 (1)(2)(3)(4) | fill in the blank 2 of 16 | fill in the blank 3 of 16 (1)(2)(3)(4) | fill in the blank 4 of 16 |
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
fill in the blank 5 of 16 (1)(2)(3)(4) | fill in the blank 6 of 16 | fill in the blank 7 of 16 (1)(2)(3)(4) | fill in the blank 8 of 16 |
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
fill in the blank 9 of 16 (1)(2)(3)(4) | fill in the blank 10 of 16 |
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
fill in the blank 11 of 16 (1)(2)(3)(4) | fill in the blank 12 of 16 |
Transaction | Debit amount | Transaction | Credit amount |
---|---|---|---|
fill in the blank 13 of 16 (1)(2)(3)(4) | fill in the blank 14 of 16 | fill in the blank 15 of 16 (1)(2)(3)(4) | 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?
YesNo
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