Transactions andT Accounts

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

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

a.Journalizethese transactions in a two-columnjournal. If an amount box does not require an entry, leave it blank.

(1)

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(2)

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(3)

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(4)

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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 number to identify the transactions.

Cash

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Supplies

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Accounts Receivable

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Accounts Payable

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Fees Earned

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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?