Question

Transactions and Accounts Instructions Tournal Accounts Final Question Instructions The following selected transactions were completed during July of the current year July 1 Bed customers for tees earned $112,700 8 11 Purchased supplies on account, $4,500 Received cash from customers on account, 588,220 Pad creditors on account, 53,100 Required: these transactions in a two-co w a Mfor lo me est of accountsime Taccounts for exact wording of account des b. Pour the entries prepared in (a) to the following accounts: Cash, Supplies Accounts Receivable, Accounts Payable Fees Earned to the left of each mouse posted in me accounts, select me appropriate date c. Asume a me s ted in bence on July of shows a crede balance for Accounts Receivable. Does this crede balance mean an error has occurred

Answer 1

Page No 0 Coredit Answer @ Lowenal entries for the given transactions SINO Date. Particular Debit 11 July, Accounts vreceivable $113,900 fecs coined sSupplies $ 4500 Accounts payable - cash $88,220 Accounts pieceivable $112,700 $4500 13 July 8 $88,220 14. July $ 3100 Accounts payable cash $3100 O I- accounts cash - Cash 418 $88,220 10 $3100 Accounts payable Accounts payable $ 3100 414 a) 1 $ 4500

Page: No ® Supplies Supplies $4500 fees earned fees earned ili $112,700 Accounts creceivable Accounts receivable $ 112,700 $ 88,220 © No, there is no escrow has occured, by assuming the unadju sted trial balance on July 31 shows a coredit balance for accounts receivable.