Accounting homework

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The following selected transactions were completed during August of the current year:

1. Billed customer for fees earned $35,700

2. Purchashed supplies on account $2,000.

3. Received cash from customers on account $26,150.

4. Paid creditors on account $800.

a. Journalize the above transactions in a two-column journal, using the appropriate number to identify the transactions. Joural entry explanations may be omitted.

b. Post the entries prepaid 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 transactions.

c. Assume that the unadjusted trial balance of August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occured?

    • 8 years ago
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