Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Transactions Zenith Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies Office Equipment Accounts Payable; Common Stock: Retained Earnings: Dividends; Fees

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Transactions Zenith Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies Office Equipment Accounts Payable; Common Stock: Retained Earnings: Dividends; Fees Eamed; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. March 1. Paid rent for the month, $5,900. 3. Paid advertising expense, $3,770. 5. Paid cash for supplies, $1,610, 6. Purchased office equipment on account, $24,700, 10. Received cash from customers on account, $8,070. 15. Paid creditor on account, $2,370. 27. Paid cash for miscellaneous expenses, 51,020 30. Pald telephone bill for the month, $380. 31. Fees earned and billed to customers for the month, $53,800 31. Paid electricity bill for the month $650 31. Paid dividends, $4,100 Journalize the selected transactions for March 2018 2013 March March 3 March 5 Next March 6 March 10 March 15 March 27 March 30 March 31 : Fees earned March 31 : Paid bill March 31 : Dividends Transactions and Accounts The following selected transactions were completed during March of the current year 3. Billed customers for fees eamed, 553,950. 2. Purchased supplies on account, $2,320. 3. Received cash from customers on account, $50,710, 4. Paid creditors on account, $1,400 - Journalize the transactions in a two-column Journal, using the appropriate number to identity the transactions 1 143 b. Post the entries prepared in (a) to the following accounts Cash Supplies, Accounts Receivable, Accounts Payabile, Tees Earned to the lot of each amount posted in the accounts, select the appropriate number to identify the transaction Cash 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 Accounts Payable Supplies Fees Earned Accounts Receivable 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Basics

Authors: 3G E-Learning

1st Edition

1984624261, 978-1984624260

More Books

Students also viewed these Accounting questions

Question

Find each function value without using a calculator. sin 60

Answered: 1 week ago