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Transactions and I Accounts Instructions Journal T Accounts Final Question Instructions The following selected transactions were completed during August of the current year: Billed customers for fees earned, $72,960. 4 Purchased supplies on account, $1,900 Aug. 1 8 Received cash from customers on account, $65,960. 11 Paid creditors on account, $840 Required: A. Journalize these transactions in a two-column journal. 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 date. 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
Expert Answer
| a | |||
| 1 | Accounts Receivable | 72960 | |
| Fees Earned | 72960 | ||
| 2 | Supplies | 1900 | |
| Accounts Payable | 1900 | ||
| 3 | Cash | 65960 | |
| Accounts Receivable | 65960 | ||
| 4 | Accounts Payable | 840 | |
| Cash | 840 | ||
| b | |||
| Cash | |||
| 3 | 65960 | 4 | 840 |
| Accounts Payable | |||
| 4 | 840 | 2 | 1900 |
| Supplies | |||
| 2 | 1900 | ||
| Fees Earned | |||
| 1 | 72960 | ||
| Accounts Receivable | |||
| 1 | 72960 | 3 | 65960 |
| c | |||
| No |
