Question

please answer all parts.

Transactions and T Accounts The following selected transactions were completed during July of the current year: 1. Billed customers for fees earned, $51,480. 2. Purchased supplies on account, $2,210. 3. Received cash from customers on account, $48,390. 4. Paid creditors on account, $1,340. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. If an amount box does not require an entry, leave it blank. (1) (2) (3) (4) 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 number to identify the transaction.

Answer 1

Fee eamedaſ To bal eld $1480 By accounts receivable $12980 $1480 $1480 Accounts Receivable afc To Fee eamed $1480 By cash $48390 To bal old $46910 848390 $48390 C. No, it doesn't mean that error has occurred. As it is unadjusted it may show credit balance