Journalize the transactions in a two-column journal

Reference no: EM132475954

Transactions

Aug.1Billed customers for fees earned, $74,050.
4Purchased supplies on account, $1,970.
8Received cash from customers on account, $62,770.
11Paid creditors on account, $800.

Required:

Question 1: Journalize these transactions in a two-column journal. Refer to the T-Accounts for exact wording of account titles.

Question 2: 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.

Question 3: Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean that an error has occurred?

Reference no: EM132475954

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