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1. Billed customers for fees earned, $50,080. 2. Purchased supplies on account, $2,150. 3. Received cash from customers on account, $47,080. 4. Paid creditors on account, $1,300. a. Journalize these transactions in a two-column journa amount box does not require an entry, leave it blank. (1) (2) (3) (4) 00 00 00 00 00 00 00 00

1. Billed customers for fees earned, $50,080. 2. Purchased supplies on account, $2,150. 3. Received cash from customers on account, $47,080. 4. Paid creditors on account, $1,300. a. Journalize these transactions in a two-column journa amount box does not require an entry, leave it blank. (1) (2) (3) (4) 00 00 00 00 00 00 00 00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 poster in the accounts, select the appropriate number to identify the transaction. Cash Accounts Payable Yes No Supplies Fees Earned Accounts Receivable c. Assume that the unadjusted trial balance on October 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred? ✓
Transcribed Image Text: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 poster in the accounts, select the appropriate number to identify the transaction. Cash Accounts Payable Yes No Supplies Fees Earned Accounts Receivable c. Assume that the unadjusted trial balance on October 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred? ✓
1. Billed customers for fees earned, $50,080. 2. Purchased supplies on account, $2,150. 3. Received cash from customers on account, $47,080. 4. Paid creditors on account, $1,300. a. Journalize these transactions in a two-column journa amount box does not require an entry, leave it blank. (1) (2) (3) (4) 00 00 00 00 00 00 00 00
Transcribed Image Text:1. Billed customers for fees earned, $50,080. 2. Purchased supplies on account, $2,150. 3. Received cash from customers on account, $47,080. 4. Paid creditors on account, $1,300. a. Journalize these transactions in a two-column journa amount box does not require an entry, leave it blank. (1) (2) (3) (4) 00 00 00 00 00 00 00 00
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