Answered Essay: The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $72,960. 4 Purchased supplies on accoun

Transactions and I Accounts Instructions Journal T Accounts Final Question Instructions The following selected transactions were completed during August of the current year: Aug. Billed customers for fees earned, $72,960. 1 4 Purchased supplies on account, $1,900. 8 Received cash from customers on account, $65,960. 11 Paid creditors on account, $840. Required: A. Journalize these transactions in a two-column journal. 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. 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?
Transactions and T accounts

The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $72,960. 4 Purchased supplies on account, $1,900. 8 Received cash from customers on account, $65,960. 11 Paid creditors on account, $840. A. Journalize these transactions In a two-column journal. B. Post the entries prepared , in (A) to the Mowing T accounts: Cash, Supplies. Accounts Receivable. Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate date. 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?

Expert Answer

 

A. Journal Entries :

Date Account Titles Debit Credit
$ $
Aug 1 Accounts Receivable 72,960
Fees Earned 72,960
Aug 4 Supplies 1,900
Accounts Payable 1,900
Aug 8 Cash 65,960
Accounts Receivable 65,960
Aug 11 Accounts Payable 840
Cash 840

B. T accounts :

Cash

Date Debit Date Credit
Aug 8 65,960
Aug 11 840
Totals 65,960 Totals 840

Supplies

Date Debit Date Credit
Aug 4 1,900
Totals 1,900 Totals 0

Accounts Receivable

Date Debit Date Credit
Aug 1 72,960
Aug 8 65,960
Totals 72,960 Totals 65,960

Accounts Payable

Date Debit Date Credit
Aug 4 1,900
Aug 11 840
Totals 840 Totals 1,900

Fees Earned

Date Debit Date Credit
Aug 1 72,960
Totals 0 Totals 72,960

C. It could mean the either of two things :

1. There could be both recording and posting errors.

2. The customers have paid more than they were liable for.

Buy Essay
Calculate your paper price
Pages (550 words)
Approximate price: -

Help Me Write My Essay - Reasons:

Best Online Essay Writing Service

We strive to give our customers the best online essay writing experience. We Make sure essays are submitted on time and all the instructions are followed.

Our Writers are Experienced and Professional

Our essay writing service is founded on professional writers who are on stand by to help you any time.

Free Revision Fo all Essays

Sometimes you may require our writers to add on a point to make your essay as customised as possible, we will give you unlimited times to do this. And we will do it for free.

Timely Essay(s)

We understand the frustrations that comes with late essays and our writers are extra careful to not violate this term. Our support team is always engauging our writers to help you have your essay ahead of time.

Customised Essays &100% Confidential

Our Online writing Service has zero torelance for plagiarised papers. We have plagiarism checking tool that generate plagiarism reports just to make sure you are satisfied.

24/7 Customer Support

Our agents are ready to help you around the clock. Please feel free to reach out and enquire about anything.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

HOW OUR ONLINE ESSAY WRITING SERVICE WORKS

Let us write that nagging essay.

STEP 1

Submit Your Essay/Homework Instructions

By clicking on the "PLACE ORDER" button, tell us your requires. Be precise for an accurate customised essay. You may also upload any reading materials where applicable.

STEP 2

Pick A & Writer

Our ordering form will provide you with a list of writers and their feedbacks. At step 2, its time select a writer. Our online agents are on stand by to help you just in case.

STEP 3

Editing (OUR PART)

At this stage, our editor will go through your essay and make sure your writer did meet all the instructions.

STEP 4

Receive your Paper

After Editing, your paper will be sent to you via email.

× How can I help you?