Ultimate Writer wk 2
Cclegg00
week_2_problem_5.docxThe following selected transactions were completed during August of the current year:
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Aug. |
1 |
Billed customers for fees earned, $74,310. |
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4 |
Purchased supplies on account, $2,000. |
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8 |
Received cash from customers on account, $62,870. |
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11 |
Paid creditors on account, $900. |
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Required: |
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A. |
Journalize these transactions in a two-column journal . |
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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 posted in the accounts, select the appropriate date. |
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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? |
