contestada

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. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted.
b. Post the entries prepared in to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, place the appropriate number to identify the transactions. #c. 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?

Respuesta :

Answer:

The journal entries as well as the T-accounts for August transactions are found in the attached spreadsheet.

Step-by-step explanation:

Initially, the transactions were posted individually in the journal and ultimately the related ones were combined together in the T-accounts.

For instance, cash related transactions are posted in the cash T-account to ascertain the true cash position as at the end of the quarter.

Ver imagen abdulmajeedabiodunac