Question & Answer: Obj. 2, 3 EX 2-9 Transactions and T accounts The following selected transactions were completed during March of the current year…..

Obj. 2, 3 EX 2-9 Transactions and T accounts The following selected transactions were completed during March of the current year: 1. Billed customers for fees earned, $54,100 2. Purchased supplies on account, $1,250 3. Received cash from customers on account, $43,800. 4. Paid creditors on account, $600. 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 (A) 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 transaction. 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?

Help me plz

media%2F995%2F99583f9e-c843-496a-baf2-cd

Obj. 2, 3 EX 2-9 Transactions and T accounts The following selected transactions were completed during March of the current year: 1. Billed customers for fees earned, $54,100 2. Purchased supplies on account, $1,250 3. Received cash from customers on account, $43,800. 4. Paid creditors on account, $600. 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 (A) 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 transaction. 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?

Expert Answer

Solution.

Qa. Preparetion of journal entry.

Date	Account Title	Debit	Credit
1	Sundry debtor	54,100
	Earned revenue		54,100
	(To record service revenue )

2	Purchase	1,250
	Sundry creditor		1,250
	(To record credit purchase)

3	Cash	43,800
	Sundry creditor		43,800
	(To record cash received )

4	Sundry creditor	600
	Cash		600
	(To record cash payment)

Qb. Amount posteing in T-account.

	Cash A/C
Debtor	43,800	Creditor	600
		Balance b/d	43,200

	Supplies
Purchase	1250	Balance c/d	1250


	Account receivable
Debotor	54100	Cash	43800
		Balance b/d	10300

	Account payable
cash	600	Creditor	1250
Balance c/d	650

	Fees Earned
Debtors	54100
		Balance c/d	54100

Qc.

Yes it has error because account receivable has debit balance $10,300.

Still stressed from student homework?

Get quality assistance from academic writers!

Order now