Transactions and T AccountsThe following selected transactions were completed during October of the current year:1. Billed customers for fees earned, $52,490.2. Purchased supplies on account, $2,260.3. Received cash from customers on account, $49,340.4. Paid creditors on account, $1,360.a. Journalize these transactions in a two-column journal, using the appropriate number to idendoes not require an entry, leave it blank.TransactionAccountDebit Credit(1)(2)(3)(4) b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Feeaccounts, select the appropriate number to identify the transaction.CashAccounts PayableSuppliesFees EarnedAccounts Receivablec. 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?

Journal entries are the daily transactions which are recorded in the books of accounts. These are…

The following selected transactions were completed during October of the current year: 1. Billed customers for fees earned, $52,490. 2. Purchased supplies on account, $2,260. 3. Received cash from customers on account, $49,340. 4. Paid creditors on account, $1,360. a. Journalize these transactions in a two-column journal, using the appropriate number to ider does not require an entry, leave it blank. Transaction Account Debit Credit (1) (2) (3) (4)

The following selected transactions were completed during October of the current year: 1. Billed customers for fees earned, $52,490. 2. Purchased supplies on account, $2,260. 3. Received cash from customers on account, $49,340. 4. Paid creditors on account, $1,360. a. Journalize these transactions in a two-column journal, using the appropriate number to ider does not require an entry, leave it blank. Transaction Account Debit Credit (1) (2) (3) (4)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 21EB: Prepare journal entries to record the following transactions: A. December 1, collected balance due...

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