he chart of accounts for Miguel Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Miguel, Capital 31 Miguel, Drawing 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 Page 3 of the journal contains the following transaction: Cash 640 Fees Earned 640 What posting references will be found in the journal entry? Please explain with full explanation.  a. 41, 3 b. 3, 11 c. 11, 41 d. 11, 3

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The chart of accounts for Miguel Company includes the following:

Account Name Account Number

Cash 11

Accounts Receivable 13

Prepaid Insurance 15

Accounts Payable 21

Unearned Revenue 24

Miguel, Capital 31

Miguel, Drawing 32

Fees Earned 41

Salaries Expense 54

Rent Expense 56 Page 3 of the journal contains the following transaction:

Cash 640

Fees Earned 640

What posting references will be found in the journal entry? Please explain with full explanation. 

a. 41, 3

b. 3, 11

c. 11, 41

d. 11, 3

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